HS Code:
Osmium, classified under HS Code 7110.41, is a rare and extremely dense metal belonging to the platinum group metals (PGMs). It is primarily used in specialized applications such as fountain pen nibs, electrical contacts, and as a catalyst in chemical reactions. Osmium is often traded in unwrought or powder form and is one of the rarest elements on Earth, making its trade highly niche and concentrated among a few countries with access to platinum group metal resources. Due to its scarcity and high value, osmium trade is often subject to strict regulations and high tariffs in many regions.
Total Trade Volume
Approximately $10 million USD
Data from 2022
Source
United Nations Comtrade Database & International Trade Centre (ITC)
$4.5 million USD
45% of total trade of total trade
Increasing
$2.8 million USD
28% of total trade of total trade
Stable
$1.2 million USD
12% of total trade of total trade
Decreasing
$0.8 million USD
8% of total trade of total trade
Stable
$0.7 million USD
7% of total trade of total trade
Increasing
Average Rate
5.2% ad valorem
Highest Rate
12% (imposed by certain developing economies)
Lowest Rate
0% (under free trade agreements such as EU-South Africa EPA)
Growing demand in high-precision industries
Increased interest in osmium for use in advanced electronics and medical equipment has driven a slight rise in trade volume, particularly from South Africa.
2021-2022
Price volatility due to limited supply
Osmium prices fluctuate significantly based on mining output and geopolitical stability in key producing regions, affecting trade predictability.
2020-2022
Shift towards recycling of platinum group metals
Recycling initiatives in developed countries are reducing dependency on raw osmium imports, slightly impacting trade from primary producers.
2019-2022
South Africa introduced stricter export licensing for platinum group metals, including osmium, to ensure domestic supply and combat illegal trade.
March 2023
This may lead to short-term trade disruptions but could stabilize prices by curbing oversupply.
Geopolitical tensions have affected Russian osmium exports due to sanctions and logistical challenges, redirecting some trade to alternative suppliers.
February 2022 - Ongoing
Increased prices and supply uncertainty for osmium-dependent industries in Europe and North America.
A breakthrough in recycling technology for platinum group metals in the European Union has led to a small but notable reduction in raw osmium imports.
July 2023
Potential long-term decline in demand for primary osmium from traditional exporters.