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The Economics of Indium, 8th edition 2003
The indium market is characterised by a certain inflexibility of supply and increasing demand, which although strong, tends to be cyclical. Indium is a minor by-product of base metal refining and supplies can be interrupted by decisions driven by factors far removed from the indium market, such as the recent closure of the Metaleurop smelter in northern France. From the late 1990s China has been an increasingly important supplier of indium but an accident at a zinc mine reduced the supply of raw materials to Chinese indium refiners. In 2002 China accounted for nearly 30% of supply and France for a further 18%. At the same time demand for indium in ITO coatings for LCD displays has been growing strongly, although cyclically, and this one application now accounts for 75% of indium demand. Prices for indium have increased through 2003 as the market reacted to insecurity of supply. This is the fourth spike that the market has experienced in the last thirty years. The first was caused
by increased use in nuclear power reactors in the 1970's, then the increase in demand for indium in compound semiconductors forced the price up in the mid 1980s. In 1995 it reached US$580/kg when the potential of the use of ITO in LCDs was established. Underlying growth for indium has been quite steady over the past few decades but price history clearly does not reflect this. Periods of perceived shortage and stockpiling have been followed by times when stockpiles are run down and plummeting prices. This tends to remove secondary resources from the market, as recycling is not viable at prices below $150-200/kg. Future demand for indium is likely to continue to grow strongly as flat screen LCD television and computer screen monitors replace the much bulkier CRTs over the next five years. This new report from Roskill examines current and projected primary and secondary indium production in detail and evaluates the likelihood that future supply will be able to meet growing demand.
The key trends, issues and developments in the market are now analysed in this major new report from Roskill. It provides a clear insight into all areas of the industry and an authoritative analysis of the prospects for the future.
Chapters
- 1. Summary
- 2. Occurrence, relative abundance and reserves
- 3. World production
- 4. Production by country and company
- 5. World consumption
- 6. End uses
- 7. International trade
- 8. Prices
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