Zirconium: Trading
Quarterly prices set by the big sands miners
What this tab covers How and where it is bought and sold: who buys and sells, exchanges and benchmarks, contract types, the big trading houses and how prices are discovered.Zircon has no exchange contract. Large sands miners publish or negotiate quarterly and half-yearly prices with tile makers, frit producers, foundries and chemical plants. Price-reporting agencies such as Fastmarkets IM assess premium and standard grades; USGS uses its CIF China price. Grade, iron and titanium impurities, and particle size set the premium. Nuclear-grade sponge and hafnium move under long-term contracts with fuel fabricators. Argus is the source for the USGS sponge price.
Where it is bought (buyers)
- Zircon millers and tile makers in China (Guangdong, Fujian), Spain (Castellon), India (Morbi, Gujarat) and Italy buy sand and flour
- Chinese chemical plants buy zircon for oxychloride and zirconia
- Foundries and refractory makers in Europe, the US, Japan and China; nuclear fuel makers buy sponge and tubes
- Largest importers by value in 2024: China 62.5%, India 8.1%, Spain 6.8%, Malaysia 4.0% (Comtrade, HS 261510)
Where it is sold (sellers)
- Miners in South Africa (43.5% of world exports by value in 2024), Australia, Senegal, Mozambique and Indonesia (Comtrade)
- Iluka, Rio Tinto, Tronox, Kenmare and Chemours sell zircon from their sands operations
Exchanges and benchmarks
| Venue | Contract | Notes |
|---|---|---|
| None | No LME, CME or MCX zircon contract | Prices are negotiated; some producers publish reference prices |
Contract types
- Quarterly or six-monthly price settlements with major customers
- Producer reference prices (Iluka's Eucla Basin premium zircon is a reference product)
- Loyalty or rewards contracts tying volume to price (about 60% of Iluka's sales, 2018)
- Spot cargoes of concentrates and standard grade into China
Top trading houses
- Mostly sold direct by producers to millers; traders are minor and not named in the sources used
How prices are discovered
- Fastmarkets IM premium zircon CIF China assessment (used by USGS)
- US landed import unit values from Australia, Senegal and South Africa (US Census, used by USGS)
- Producer-reported average prices (Iluka, Kenmare)
- Argus assessment of zirconium sponge ex-works China