US-Iran conflict cause rise of ferrite magnet prices

Iran is among the world’s leading producers of strontium ore, with reported output accounting for approximately 30–40% of global mine production (source: USGS Mineral Commodity Summaries, 2023). A portion of this material has been processed by Chinese manufacturers into strontium carbonate. In recent years, global supply chains have undergone structural adjustments due to evolving logistics conditions—including port operations in multiple regions—prompting industry-wide efforts to diversify sourcing and enhance supply resilience.

Strontium carbonate is a key raw material widely used in the production of strontium ferrite magnets, which are employed in motors, speakers, household appliances, and various electronic devices. According to recent industry analyses, ferrite magnet manufacturing represents the largest application segment for strontium carbonate—accounting for an estimated 35–40% of global demand. Market quotations for the material have shown moderate firming since late 2023, consistent with reported tightening in domestic inventory levels.