The chance of an increase in production by producers reduces as the dollar's value declines. When demand for a commodity rises, the price of that commodity rises, and vice versa. If the value of the dollar decreases relative to the buyer's currency, then the same number of goods can be purchased for a lower total amount of money in the buyer's currency. US dollarĪs with the vast majority of other internationally traded items, the price of Iridium is established in United States dollars. Iridium metal prices may experience rapid and unexpected rises for a variety of reasons, including, but not limited to, worker strikes, earthquakes, extreme weather, and geopolitical instability. The price of iridium metal is influenced not only by supply and demand, but also by the quality and expense of the metal's extraction from its ores. South Africa produces around 80% of the world's mined Iridium supply. Factors affecting the Iridium metal prices 1. Today, the chemical, electronics, and automotive industries all employ iridium as a coating for electrodes in chlor-alkali processes and as a catalyst. Elevated prostatic brachytherapy, biliary duct brachytherapy, and intracavitary cervix brachytherapy are all examples of specialized treatment. Iridium is also utilized as a source of gamma radiation for the treatment of cancer utilizing brachytherapy, a type of radiotherapy where a closed radioactive source is inserted inside or close to the area requiring treatment. Iridium is commonly added to platinum to make it more durable, but the pure platinum advantage remains. Waterman attached a gold-draped iridium plate to the pen's point gold-draped iridium plate has been attached to the pen's point for this purpose. Indeed, Waterman's pen has ushered in a new era in the history of writing to avoid having to repeatedly dip the pen into the ink after every few written words. Electrical contactĪs an alloy, Iridium is employed for producing the pen point and for the bearings on compass needles.Īmerican Lewis Edson Waterman invented the capillary-pipe ink-pocket pen, which was introduced in 1884. The melting point of iridium is higher than that of any other metal, even gold. Spark plugs made of iridium require a lower voltage to start burning, so they are less likely to fail at startup. It is also claimed that the burning of a single point can benefit racing engines that demand a stronger spark. Iridium spark plugs are extensively used by manufacturers because of their power output. In addition, iridium spark plugs have electrode material that can boil at 2500 degrees Celsius or more. To top it all off, iridium spark plugs are made from a metal that is extremely durable, corrosion-resistant, and heat resistant. Maintenance-free Iridium spark plugs are more expensive, but they have additional advantages, including the ability to automatically remove carbon combustion on the electrode, which eliminates the need for human cleaning. Spark plugs made of iridium are extremely heat resistant, however, the electrode material is smaller. The iridium type is clearly superior to regular spark plugs in this regard. Using iridium spark plugs means you don't have to worry about them breaking down. There are many advantages to using this new type of spark plug, but the cost is higher. Iridium spark plugs are one type among many available. On the 21st of June 1804, a letter was written to the Royal Society detailing the new elements' discovery. Since a lot of the salts he collected were brightly coloured, he named the element iridium after the Greek rainbow goddess Iris, who was also a messenger for the Olympian gods. Iridium and osmium were discovered in the black residue by Tennant, who had access to a far larger sample than the other researchers.Ī series of reactions using sodium hydroxide and hydrochloric acid yielded dark crimson crystals for him. New oxide, which Vauquelin termed ptene from the Greek word ptnós (winged), was formed by alternating alkali and acid treatments on the powder that he believed to be of this new metal. However, the French scientists Louis Nicolas Vauquelin and Victor Collet-Descotils saw the black residue in 1803 but did not have enough to conduct additional research.Ī British chemist named Smithson Tennant (1761–1815) discovered in 1803 that the insoluble residue contained a new metal that had never been discovered before. Joseph Louis Proust was convinced that the residue was graphite. Small amounts of an insoluble black residue were invariably found. A mixture of hydrochloric and nitric acids, aqua regia, was used by chemists studying platinum to make soluble salts.
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