It was a quiet day for fresh, verifiable PGM news, with two confirmed developments on the supply side: a hydrogen technology supplier moved to cut its iridium use, and a smaller PGM producer kept buying back its own shares.
Top stories#
UFI Hydrogen unveils lower-iridium PEM electrolyzer platform in Hamburg#
UFI Hydrogen, an Italian membrane electrode assembly (MEA) specialist within the UFI Group, introduced a new PEM electrolyzer MEA platform called NEXT GEN at Hydrogen Technology World Expo 2026 in Hamburg, which runs from 20 to 22 October. Rather than supplying the traditional three-layer MEA, the company has bundled seven functional layers into a single assembly, with the stated aim of cutting iridium loading and reducing the number of suppliers an electrolyzer stack manufacturer needs to qualify and integrate. UFI Hydrogen did not disclose how much iridium the design saves, describing the catalyst and layer configuration as proprietary know-how. The press release was published 19 October. This matters for the PGM market because iridium's PEM demand, while still small next to platinum and palladium, draws on a supply base concentrated in South Africa (see our /price/iridium/ page).
Sylvania Platinum extends its share buyback#
In a regulatory filing dated 21 October 2026, Sylvania Platinum said it bought back 157,500 ordinary shares over four trading days between 14 and 19 October, through broker Panmure Liberum, at daily weighted average prices ranging from 92.35p to 94.23p. Treasury holdings have risen to 13,589,925 shares, cutting the shares with voting rights to 258,071,800 out of 271,661,725 issued. Sylvania describes itself as a lower-cost PGM producer that retreats chrome tailings from South Africa's Bushveld Complex to recover platinum, palladium and rhodium, and has now run buyback tranches in September and October.
Prices and market context#
Platinum's all-time high remains $2,923/oz, set on 26 January 2026, according to WPIC's Platinum Quarterly series. On the demand and supply balance, WPIC's Q2 2026 Platinum Quarterly, published 9 September 2026, revised its 2026 platinum forecast to a 265,000-ounce surplus, up from a 297,000-ounce deficit projected in the Q1 edition, while lifting its 2025 deficit estimate to more than 1 million ounces. Ruthenium remains the PGM basket's standout performer this year: Johnson Matthey data, using LSEG pricing, put ruthenium at about $1,750/oz on 13 March 2026, more than triple the roughly $560/oz level of a year earlier. MKS PAMP's head of research, Nicky Shiels, called the move a "precious proxy for the AI buildout" at the time, while Metals Focus's Wilma Swarts projected a 203,000-ounce ruthenium deficit for 2026. Both figures are dated to March and are cited here as market context rather than new moves. Readers tracking current levels can follow our /price/platinum/ and /price/ruthenium/ pages.
What to watch#
Hydrogen Technology World Expo continues in Hamburg through 22 October 2026, and further exhibitor announcements on PEM and electrolyzer materials are possible before it closes. Investors in smaller PGM producers should also watch for further buyback disclosures from AIM-listed Sylvania Platinum, which has now run multiple tranches since late September. Background on PGM recycling flows that feed converter and electronics scrap back into supply is available at /scrap/ and /scrap/converter-recycling/.