Heraeus Precious Metals and Vmet have signed an agreement to partner on sourcing, recycling and refining platinum group metal-containing industrial scrap, with a primary focus on iridium and ruthenium coated materials used in high-value industrial applications.
Partnership Targets Iridium and Ruthenium Scrap
Germany-based Heraeus Precious Metals and Italy-based Vmet signed the agreement in March to strengthen recycling channels for PGM-containing materials. The companies will focus mainly on iridium and ruthenium coated materials, combining Vmet’s industrial scrap sourcing network with Heraeus’ global refining capacity.
The partnership is commercially important because iridium and ruthenium are among the most supply-constrained platinum group metals. Their recovery from industrial scrap is becoming increasingly important as primary mine supply remains limited and demand from advanced technology sectors continues to grow.
Industrial Scrap Becomes a Strategic PGM Source
Vmet specializes in recycling PGM-containing industrial scrap, including ruthenium-coated titanium electrodes and catalyst residues. Heraeus, one of the world’s largest precious metals refiners and recyclers, brings large-scale refining, processing and market access capabilities.
For industrial users, this type of partnership can improve material recovery, reduce dependence on primary mining, and support a more circular supply chain for scarce platinum group metals. It also gives companies using coated titanium electrodes, catalysts and specialty PGM components a clearer route for value recovery from spent materials.
Tight Mine Supply Supports Recycling Demand
Mine supply of iridium and ruthenium is unlikely to rise significantly in the near term. PGM producers, especially in South Africa, have reduced output and limited capital spending in recent years, restricting the ability of primary supply to respond quickly to demand.
According to the most recent European Commission data cited by the companies, global primary production in 2022 was only 7.2 tonnes for iridium and 29.5 tonnes for ruthenium. These small market sizes make recycled supply particularly important for sectors such as aerospace, defense, electrical equipment and hydrogen technologies.
Market Impact
○ Impacted Metals: Iridium, ruthenium, iridium-coated titanium electrodes, ruthenium-coated titanium electrodes, PGM catalyst residues, platinum group metal scrap
○ Direction: Bullish
○ Time Horizon: Near-term to medium-term
○ Affected Industries: PGM recycling, hydrogen, aerospace, defense, electrical equipment, industrial catalysts, titanium electrode manufacturing
○ Related Price Reports: PGM Weekly Price Report
○ Watch Item: Monitor whether Heraeus and Vmet expand sourcing volumes for iridium and ruthenium coated industrial scrap over the next 12 months.
SuperMetalPrice Commentary
This partnership highlights a clear shift in the PGM market: recycling is no longer only a secondary supply channel, but a strategic source of critical industrial metals. For iridium and ruthenium, where primary mine output is small and difficult to expand, scrap recovery can directly influence supply availability.
The focus on coated titanium electrodes is especially relevant for hydrogen, electrochemical and industrial applications. As demand for high-performance PGM coatings grows, closed-loop recovery and refining partnerships may become a key competitive advantage for both material users and recyclers.
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