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In page Iridium:

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Iridium prices have fluctuated over a considerable range. With a relatively small volume in the world market (compared to other industrial metals like aluminium or copper), the iridium price reacts strongly to instabilities in production, demand, speculation, hoarding, and politics in the producing countries. As a substance with rare properties, its price has been particularly influenced by changes in modern technology: The gradual decrease between 2001 and 2003 has been related to an oversupply of Ir crucibles used for industrial growth of large single crystals.[1][7] Likewise the prices above 1000 USD/oz between 2010 and 2014 have been explained with the installation of production facilities for single crystal sapphire used in LED backlights for TVs.[8]