In the fields of precious and rare metals, compared with well-known categories such as gold, silver, and platinum-group metals, osmium has always remained a niche yet highly distinctive presence. With its unmatched physicochemical properties, it has become an indispensable key material in high-end industry and scientific research. Even though it receives limited market attention, it still possesses irreplaceable value. This article will provide a comprehensive breakdown of osmium metal, covering its basic properties, resource supply, application scenarios, and market characteristics, to offer a full understanding of this “king of density.” I. First Encounter with Osmium: A Hardcore Outlier Among the Platinum-Group Metals Osmium, with the chemical symbol Os and atomic number 76, belongs to the platinum-group metals. It is a Group VIII transition metal on the periodic table and also one of the rarest metals found in nature. As one of the six major members of the platinum-group metal family, osmium has no independent ore deposits and is commonly associated with platinum, iridium, ruthenium, rhodium, and palladium. It can only be recovered through purification during platinum ore smelting and cannot be extracted through standalone large-scale mining. This inherent characteristic directly defines its scarcity. Osmium’s physicochemical properties are truly unique in the world of metals, with highly recognizable core characteristics: first, it has the highest density in the world. Under standard conditions at 20°C, its density reaches 22.59 g/cm³, far exceeding that of gold (19.32 g/cm³) and platinum (21.45 g/cm³). It is currently the densest naturally occurring metal known, and at the same volume, it weighs far more than various conventional precious metals. Second, it demonstrates excellent high-temperature resistance, with a melting point of 3,033°C and a boiling point exceeding 5,000°C. It remains highly stable in high-temperature environments and can adapt to various industrial and scientific applications under extreme heat. Third, it has outstanding hardness and strong corrosion resistance. With a Mohs hardness of 7, it is hard, durable, and wear-resistant, and is difficult to corrode under conventional acidic or alkaline conditions. However, its drawbacks are also quite evident: it is highly brittle and has extremely poor plasticity, making it impossible to process through conventional mechanical methods, so it is mostly used in powder or alloy form. A key safety precaution must be emphasized here: when osmium metal is heated in air to above 100°C, it slowly oxidizes to form osmium tetroxide (OsO₄). This substance is highly irritating, highly volatile, and somewhat toxic. Therefore, the entire process involving osmium, including production smelting, storage and transportation, and deep processing, must be carried out under the protection of inert gas and in strict compliance with operational standards. These exceptionally high compliance and control requirements further raise the barriers to osmium’s production and application. II. Extreme Scarcity: Osmium’s Resource Endowment and Supply Landscape Osmium is far rarer than commonly recognized precious metals such as gold and platinum, and it can be regarded as a “niche treasure” in the precious metals sector. Relevant data show that the average abundance of osmium in the Earth’s crust is only about 0.001 ppm, making it one of the least abundant stable elements in the crust. Globally, identified recoverable reserves are extremely limited, and resource distribution is highly concentrated, without the formation of widely distributed ore deposits. Supply side further highlights the scarcity of osmium. As there are no standalone mines, global osmium production is entirely dependent on platinum mining and smelting, with capacity remaining at an extremely low level for many years. Global annual production is about 1 mt (data from the International Platinum Group Metals Association), while China’s annual production is less than 100 kg, with supply far below that of other platinum group metals. From the global supply landscape, traditional major platinum group metal-producing countries such as South Africa and Russia control the vast majority of the world’s osmium resources and smelting capacity. Industry supply is therefore highly monopolized, with extremely low supply elasticity. Minor changes in mine development progress, geopolitical conditions, environmental protection-related control policies, and platinum group metal smelting capacity all directly affect global osmium supply. This dual attribute of “inherent resource scarcity + constrained supply” has kept the osmium market in a long-term tight supply-demand balance and given it strong price resilience and fluctuation elasticity, securing it a unique position in the rare metals market. III. Exclusive to Cutting-Edge Applications: Core Application Scenarios for Osmium Although osmium has limited production and a relatively narrow application scope, its exceptional physical and chemical properties have enabled it to establish a precise foothold in high-end niche fields, making it an irreplaceable core material in many cutting-edge applications. Downstream demand is concentrated and highly rigid, with no low-cost substitutes currently available. Its core applications are mainly concentrated in four major areas: 1 Special Hard Alloys: Core Raw Materials for High-End Wear-Resistant Components Osmium-based alloys produced by melting osmium with metals such as iridium and platinum combine ultra-high hardness, wear resistance, and corrosion resistance, making them key materials for high-end precision instruments. These alloys are widely used in high-precision bearings for high-end watches and precision instruments, nibs for premium fountain pens, styluses for professional record players, and medical precision scalpels and wear-resistant components for high-end machinery. They can significantly extend service life and durability, making them suitable for long-term, high-load, high-wear operating environments, and they are core wear-resistant materials in high-end manufacturing. 2 Industrial Catalysis: Highly Efficient Specialized Additives for Fine Chemicals Osmium and its compounds have excellent catalytic activity and serve as specialized catalysts in certain fine chemical and organic synthesis reactions. In particular, in special chemical processes such as hydrogenation and oxidation reactions, they offer high catalytic efficiency and strong reaction selectivity, effectively optimizing process flows and improving product purity and yield. Although the unit consumption of osmium catalysts is extremely low, they are a rigid process necessity and are difficult to replace with other common metal catalysts, resulting in relatively stable downstream demand. 3 Scientific Research and Detection: Essential Specialized Consumables for Laboratories Although osmium tetroxide is toxic, it has irreplaceable value in scientific research. It is a high-quality staining agent for biological samples and microscopic material sections under electron microscopes, substantially improving sample clarity and contrast, and is an indispensable laboratory reagent in frontier research fields such as materials science and life sciences. Meanwhile, high-purity osmium powder was also widely used in high-end scientific research experiments and the R&D of specialized new materials, serving as a niche but essential consumable for major research institutes and high-end laboratories. 4. High-End Specialized Fields: Core Components for Military and Aerospace Applications Leveraging its core advantages of high density, high-temperature resistance, and high stability, osmium was also applied in specialized high-temperature components for aerospace and military applications, precision guidance components, as well as niche scenarios such as high-end electrical contacts and wear-resistant coatings. These applications were all concentrated in cutting-edge, high-precision sectors. Although the volume of each individual application was small, the product value-added was extremely high. Moreover, with the technological iteration and development of high-end manufacturing and the military and aerospace industries, related demand had the potential for steady growth. IV. Summary of the Core Characteristics of the Osmium Metal Market Overall, as a rare category among platinum group metals, osmium had highly distinctive core characteristics: extreme scarcity on the resource side, highly monopolized supply with insufficient elasticity; application-side concentration in high-precision, cutting-edge fields, with rigid and irreplaceable demand; and unique physicochemical properties, combining both advantages and application barriers. Unlike the market-driven fluctuation logic of conventional bulk commodities, the osmium market was significantly affected by factors such as supply-side changes, downstream demand from high-end industries, and compliance costs. The overall market size was small, and trading frequency was relatively low, placing it in the category of niche rare precious metals. Its core value always revolved around the two key points of “scarcity” and “irreplaceability,” making it an indispensable key metal material in high-end industrial and scientific research fields.

SMM News, March 13: The SMM weekly operating rate of secondary lead in four provinces stood at 29.15% from March 6 to March 12, 2026, up 2.03 percentage points WoW. The operating rate in Anhui fluctuated around 15%, with no further signs of production resumptions at local secondary lead smelters; in Henan, the operating rate at a few smelters edged up as raw material inventory increased; in Jiangsu and Inner Mongolia, some smelters had yet to resume production, while operating smelters said raw material supply remained tight and constrained production growth. Next week, as large smelters in Shandong and Jiangxi resume production after the holiday and release capacity, weekly secondary lead production is expected to increase; actual market conditions still need to be monitored for constraints from factors such as raw material supply and downstream procurement sentiment. 》Subscribe to View Historical SMM Metal Spot Prices

Recently, CIMC Enric and PT SAMATOR Group , Indonesia’s largest industrial gas and energy services provider, officially signed a strategic cooperation framework agreement in Jakarta. Leveraging their respective strengths, the two parties reached a long-term partnership to jointly promote the optimization of the energy structure in Indonesia and Southeast Asia, as well as green and sustainable development. PT SAMATOR Group is a leading industrial gas enterprise in Indonesia, with business spanning multiple sectors including healthcare, oil and gas, and metallurgy, and with a well-established local market network and operating resources. According to the agreement, the two parties will focus on in-depth cooperation in five major areas: the entire industry chain of industrial gases, natural gas storage and transportation equipment, EPC for energy projects, digital after-sales services, and new business development. CIMC Enric will leverage its strengths in the design, manufacturing, and system integration of energy equipment, together with the other party’s local resources, to jointly advance the implementation of clean energy projects such as industrial gases, hydrogen storage and transportation, and new energy, thereby supporting Indonesia’s energy transition and industrial upgrading. Ju Xiaofeng, Vice President of CIMC Enric, and Rachmat Harsono, Chief Executive Officer of PT SAMATOR Group, signed the agreement on behalf of their respective parties. Ju Xiaofeng said that this cooperation was the result of resource synergy and demonstrated the company’s determination to deepen its presence in the Indonesian market; Rachmat Harsono said that the cooperation would help further strengthen the Group’s local business and expand the space for both parties in markets outside China.

[SMM Morning Meeting Summary: Affected by Macro Disturbances, LME Zinc Maintained Wide Swings] LME zinc opened at $3,316/mt. In early trading, LME zinc fluctuated upward and touched a high of $3,331.50/mt, after which prices fell rapidly. It then rose and recovered the losses, but during European trading hours, as bears reduced open interest, LME zinc quickly dipped to $3,284/mt. In the night session, amid a tug-of-war between longs and shorts, LME zinc gradually recouped the losses and returned to fluctuate above the average price line, finally closing down at $3,314.50/mt, down $1/mt, or 0.03%. Trading volume decreased to 82,887 lots, and open interest increased by 527 lots to 217,000 lots.

Futures: Overnight, LME lead opened at $1,937.5/mt. During the Asian session, it moved sideways around the intraday moving average. After entering the European session, it rose to a high of $1,945.5/mt, then fluctuated rangebound at high levels before pulling back to a low of $1,932/mt. Before the close, it edged up slightly to recover part of the losses, and finally closed at $1,935.5/mt, down $3/mt, or 0.15%. Overnight, the most-traded SHFE lead contract opened at 16,605 yuan/mt. After dipping to 16,550 yuan/mt in early trading, it rebounded and consolidated near the intraday moving average, finally closing at 16,595 yuan/mt, down 35 yuan/mt from the previous day, or 0.21%. On the macro front: The fourth session of the 14th National People's Congress closed in Beijing. The meeting voted to adopt the resolution on the government work report and reviewed and approved the outline of the 15th Five-Year Plan, charting the course for economic and social development over the next five years. Data released by the US Department of Labor on Thursday showed that although the February nonfarm payrolls report released last week came in weaker than expected, the mild pullback in initial jobless claims indicated that the scale of corporate layoffs remained limited, with employers still more inclined to retain workers. This eased market concerns about a sharp deterioration in the labour market. After the data release, major US stock indexes maintained their declines, while energy stocks were among the few sectors that rose due to a sharp increase in oil prices. Spot Fundamentals: In the Shanghai market, Chihong lead was quoted at discounts of 50-0 yuan/mt against the SHFE lead 2604 contract. The center of SHFE lead moved further lower, and suppliers shipped in line with market conditions. In addition, with delivery approaching, some suppliers became less willing to sell, and quotations appeared somewhat firmer, with significantly fewer transactions at large discounts. Among them, ex-factory quotations in major primary lead producing areas were at discounts of 25 yuan/mt to premiums of 25 yuan/mt against the SMM #1 lead average price. Meanwhile, circulation of spot cargo in the secondary lead market was limited, and secondary refined lead was quoted ex-factory around parity against the SMM #1 lead average price. Downstream enterprises mainly purchased under long-term contracts, with limited spot order replenishment, while some purchased as needed. Trading in the spot market was subdued on both sides. Inventory: As of March 12, LME lead inventory fell by 375 mt to 284,500 mt; as of March 12, SMM social inventory of lead ingots across five regions continued its accumulation trend. Lead Price Forecast for Today: Approaching the weekend, operating rates at primary lead smelters in Hunan gradually resumed, though they had not yet returned to full production, and primary lead quotations in Hunan and Guangdong remained relatively firm. As the delivery date of the SHFE lead 2603 contract approached, suppliers were shifting inventory to delivery warehouses one after another, and social inventory of lead ingots continued to become more visible. With more imported lead arriving at ports and China refined lead supply gradually recovering, spot cargo in the spot market was relatively ample. Downstream enterprises had more procurement options, actively negotiated prices, and bought the dip. In the short term, the accumulation trend in social inventory of lead ingots is expected to be difficult to reverse, and lead prices are expected to remain in the doldrums.

On March 9, the New Product Launch Conference for the Sixth Academy of the Aerospace Science and Technology Corporation’s hydrogen energy industry was held in Beijing, where four core achievements were unveiled on site: the side-mounted 2×40 kg-class onboard liquid hydrogen system (Saidao-1000S), a mobile liquid hydrogen refueling skid and hydrogen dispenser, a 40-foot liquid hydrogen tank container, and a 200-cubic-meter innovative alkaline electrolyzer . The Blue Book on the hydrogen energy industry was also officially released. The conference brought together academicians, ministry officials, representatives from government, enterprises, universities, and the industry chain, marking the Sixth Academy’s liquid hydrogen equipment portfolio as having fully entered a new stage of commercial application. High-Level Participation to Jointly Discuss a New Blueprint for the Hydrogen Energy Industry The conference featured a high-profile lineup, with three academicians—Long Lehao, Yang Fengtian, and Wang Jue—in attendance, along with relevant officials from the State Administration for Market Regulation and the National Energy Administration; leaders from the Aerospace Science and Technology Corporation and affiliated enterprises also attended, including Li Zhongbao, Chief Engineer of the Aerospace Science and Technology Corporation, Xie Yun, Chairman of Aerospace Investment, and Wang Wanjun, President of the Sixth Academy. Supervisory government authorities from multiple regions, experts from renowned universities, executives from central state-owned enterprises such as Sinopec, China Huadian, and FAW, as well as capital-side representatives from numerous hydrogen energy enterprises gathered together to witness the commercialization of aerospace hydrogen energy achievements. Praise From Academicians and Remarks by Senior Executives Highlight Aerospace Hydrogen Energy’s Leadership Academician Long Lehao congratulated the launch of the new products, noting that this represented a milestone breakthrough in China’s cryogenic liquefaction and hydrogen energy equipment fields, opening a pathway for aerospace hydrogen energy to serve the national economy and aligning with the national “dual carbon” and energy security strategies. Li Zhongbao, Chief Engineer of the Aerospace Science and Technology Corporation, stated that the Group regarded hydrogen energy as a strategic growth pole and would work with all parties to build a collaborative and shared industrial ecosystem and promote deep integration across the industry chain. Wang Wanjun, President of the Sixth Academy, said that the Academy adhered to the philosophy of “users first, power first,” and that multiple hydrogen energy equipment products had reached internationally advanced levels. In the future, it would accelerate technological iteration, improve the standards system, and make every effort to achieve the goal of bringing liquid hydrogen technology to the pinnacle. Four Powerful New Products Cover the Full Range of Production, Storage, Transportation, and Refueling Scenarios 1 Side-Mounted 2×40 kg-Class Onboard Liquid Hydrogen System (Saidao-1000S) China’s first subcooled liquid hydrogen system installed on a vehicle, it pioneered dual-cylinder coordinated liquid supply technology and delivered a driving range of over 1,000 kilometers at full load. It adopted an integrated chassis design to reduce wind resistance and release front-end space, and has already been demonstrated jointly with Foton Motor, making it suitable for the large-scale application of liquid hydrogen heavy trucks. 2 Mobile Liquid Hydrogen Refueling Skid and Liquid Hydrogen Hydrogen Dispenser China’s first mobile refueling system for subcooled liquid hydrogen, it fills the gap in temporary refueling for non-fixed stations. By achieving breakthroughs in core technologies, it delivers a liquid hydrogen utilization rate of over 95%, a refueling flow rate of 15 kg/min, and completes full-tank refueling for a heavy truck in 15 minutes, with performance comparable to world-class international standards. 3. 40-Foot Liquid Hydrogen Tank Container The first standardized liquid hydrogen storage and transport equipment, compatible with global road and maritime logistics, with the transport radius extended to over 2,000 kilometers and unit costs reduced by 50% compared with high-pressure gaseous hydrogen. The daily evaporation rate was 0.52% and could be maintained for more than 8 days, addressing the pain points of low storage and transport volume and high costs. 4. 200 m³ Innovative Alkaline Electrolyzer Built on aerospace technology, with direct current (DC) power consumption as low as 4.1 kWh/Nm³, reaching the national Grade 1 energy efficiency standard; the modular design reduced operation and maintenance costs by 90%, supported 12-hour rapid on-site repair, and met the needs of green hydrogen production in multiple scenarios.

[Operating Rates of Galvanising Producers Continued to Increase]: This week, the operating rate of the galvanizing industry was 53, up 13.94 percentage points WoW. Raw material side, zinc prices fluctuated this week, and zinc ingots previously price-fixed by galvanising enterprises arrived one after another, leading to a slight increase in zinc ingot inventory at galvanising enterprises.

[SMM Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2604 contract opened at 24,360 yuan/mt. In early trading, SHFE zinc briefly touched a high of 24,390 yuan/mt, then quickly fell to a low of 24,205 yuan/mt. Thereafter, amid a tug-of-war between longs and shorts, SHFE zinc fluctuated rangebound and finally closed down at 24,240 yuan/mt, down 60 yuan/mt, or 0.25%. Trading volume decreased to 35,766 lots, while open interest increased by 1,359 lots to 74,085 lots.

[Environmental Protection Measures in Northern China Weighed, Overall Trading Was Average This Week]: Spot premiums in Tianjin were flat WoW this week. As of this Friday, in China, standard domestic brands were quoted at discounts of around 50-100 yuan/mt against the 2604 contract, high-priced brands at discounts of around 30-60 yuan/mt against the 2604 contract, and Tianjin was quoted at a premium of around 10 yuan/mt against Shanghai.

SMM, March 13: Overnight, LME lead opened at $1,937.5/mt. During the Asian session, it moved sideways around the intraday moving average. After entering the European session, it rose to a high of $1,945.5/mt, then fluctuated rangebound at high levels before pulling back to a low of $1,932/mt. Before the close, it edged up slightly to recoup part of the losses, and finally closed at $1,935.5/mt, down $3/mt, or 0.15%. Overnight, the most-traded SHFE lead contract opened at 16,605 yuan/mt. After dipping to a low of 16,550 yuan/mt in early trading, it rebounded and fluctuated around the intraday moving average, eventually closing at 16,595 yuan/mt, down 35 yuan/mt from the previous day, or 0.21%.