Indium Price Today: China Spot, USA & Europe Benchmarks

Last updated: 3 September 2026 · Updated monthly · Sources: Shanghai Metals Market (SMM); USGS Mineral Resources Program

The indium price in China stands at $792.81/kg (SMM China Indium 99.995% min, VAT-excluded) as of 3 September 2026 — down 1.51% from $804.96/kg at the August benchmark. Western benchmarks moved the opposite direction and converged with each other: SMM Indium CIF, USA Indium Ingots, and Europe Indium Ingots are all now quoted at an identical $880.00/kg, up 11.4%, 9.3%, and 9.3% respectively from their August levels. The result is a clear reassertion of the Western premium over China domestic — roughly 11%, or $87.19/kg — reversing August’s convergence to near-parity and moving further still from July’s domestic-premium inversion. Three consecutive months have now produced three different cross-market structures. This page tracks industrial benchmark pricing across China, CIF, the United States, and Europe, using SMM data as the primary reference.

Indium Price Today: SMM Industrial Benchmarks (3 September 2026)

The table below reflects SMM industrial benchmark prices as of 3 September 2026. All figures are in USD per kilogram and apply to 99.995% (4N+) purity ingots unless otherwise noted. A retail investment pricing series for indium is not currently published by SMM; investors seeking physical indium at retail quantities should contact specialist dealers directly.

Source: SMM (metal.com), 3 September 2026. China domestic indium price down 1.51% month-on-month from $804.96/kg. CIF up 11.4% from $790.00/kg; USA and Europe both up 9.32% from $805.00/kg, converging with CIF at exactly $880.00/kg. Last updated: 3 September 2026.

The relationship between China domestic and Western indium prices has moved for a third straight month, and in a third distinct direction. July saw China domestic ($775.34/kg) move above both USA and Europe for the first time in this page’s tracked history. August saw Western benchmarks catch up sharply, converging with China domestic to within $0.04/kg. September has reversed that convergence entirely: China domestic eased slightly while all three Western reference points — CIF, USA, and Europe — moved up together to an identical $880.00/kg, re-establishing a clear Western premium of roughly 11% over the Chinese domestic price. This is closer to the historical pre-2026 pattern of a Western premium than either of the prior two months, though the size and suddenness of the move — three benchmarks converging at exactly the same figure — points to a specific pricing or contract-settlement dynamic rather than gradual market drift. The cause had not been independently confirmed as of publication.

Indium Price History

Indium has historically traded in a wide range, reflecting its by-product supply structure and concentrated production base. The following directional data draws on USGS Mineral Resources Program annual assessments; figures prior to 2023 are rounded averages and should be treated as indicative.

• 2012–2015: Indium traded broadly in the $500–$800/kg range, supported by strong ITO demand from LCD display growth. Peak pricing circa 2011–2012 approached $800/kg (USGS estimate).
• 2016–2019: A supply overhang from expanded Chinese smelting capacity and softer LCD growth pushed prices down toward $150–$200/kg at the trough — one of the sharpest corrections in the minor metals complex.
• 2020–2022: Gradual recovery toward $200–$300/kg as display demand stabilised and pandemic-related supply disruptions tightened available inventory.
• 2023–2024: China’s August 2023 export licensing announcement triggered a significant re-rating. Indium moved from approximately $250/kg to above $500/kg within 12 months, converging with renewed strategic stockpiling activity and ITO spot tightness.
• 2025–early 2026: Prices consolidated in the $557–$625/kg range domestically, with Western benchmarks anchored at $652–$658/kg through April and May.
• 1 Apr 2026: China domestic softened to $557.13/kg (−8.2% month-on-month) while Western benchmarks held at $652–$658/kg.
• 1 May 2026: China domestic recovered modestly to $560.91/kg (+0.7%); Western benchmarks unchanged at $652–$658/kg.
• 1 Jun 2026: China domestic at $612.99/kg (+9.3%); Western benchmarks move higher to $702–$708/kg as both markets reprice upward together.
• 1 Jul 2026: China domestic surges to $775.34/kg (+26.5%), moving above Western benchmarks for the first time; USA and Europe ingots rise only 1–1.5% to $717.50/kg and $710/kg respectively.
• 3 Aug 2026: China domestic at $804.96/kg (+3.8%); USA and Europe rise sharply to $805.00/kg each (+12.2% and +13.4%), converging with China domestic to within $0.04/kg.
• 3 Sep 2026: China domestic eases to $792.81/kg (−1.5%); CIF, USA, and Europe all rise together to $880.00/kg (+11.4%, +9.3%, +9.3%), re-establishing an approximately 11% Western premium.

Pre-2023 price ranges are directional estimates based on USGS Mineral Commodity Summaries and industry sources. They are not SMM-verified figures and should not be used for contract reference purposes.

What Is Driving the Indium Price in 2026?

Indium Tin Oxide (ITO): The Dominant Demand Driver

Indium tin oxide — a transparent conducting film sputtered onto glass substrates — accounts for the majority of global indium consumption, estimated by USGS at roughly 50–60% of end-use demand. ITO is indispensable for flat panel displays, touchscreens, and smartphone screens. While OLED panels require less ITO than traditional LCD architectures, the proliferation of larger LCD panels in automotive displays, commercial signage, and mid-range mobile devices has sustained aggregate ITO consumption. Demand is mature rather than high-growth, which moderates speculative momentum in the indium price — but it also means the demand floor is well-established.

CIGS Thin-Film Solar: The Upside Variable

Copper indium gallium selenide (CIGS) thin-film photovoltaic cells represent indium’s most consequential growth application. CIGS modules offer efficiency advantages in low-light and high-temperature conditions relative to standard silicon panels. Each gigawatt of CIGS capacity requires an estimated 15–20 tonnes of indium. While CIGS remains a modest share of the overall solar market, it introduces a price-elastic demand increment that could tighten the indium price meaningfully if deployment targets are met through 2026–2027.

China Export Controls: The Indium Price Policy Floor

In August 2023, China’s Ministry of Commerce introduced export licensing requirements for indium alongside gallium and germanium. China accounts for an estimated 55–60% of global primary indium production (USGS data) — lower than gallium’s 80%+ concentration but still sufficient to set the global marginal indium price. Licences are granted on a case-by-case basis, creating lead-time uncertainty for non-Chinese buyers and incentivising Western procurement teams to carry higher safety stock. September’s reassertion of a clear Western premium — following August’s convergence and July’s domestic-led inversion — suggests the market is still actively working through the pricing implications of the licensing regime rather than having settled into any single stable structure.

By-Product Supply Structure

Like gallium (see our gallium price tracker), indium is recovered as a by-product — in this case from zinc smelting rather than aluminium refining. Primary indium output is therefore structurally linked to zinc production economics, not indium price signals. When zinc smelter throughput falls due to ore grade decline, energy costs, or low zinc prices, indium supply contracts regardless of the indium price. This inelasticity means that price spikes do not rapidly call forth new primary supply.

Semiconductor and LED Applications

Indium phosphide (InP) substrates are used in high-frequency semiconductors, data centre laser diodes, and fibre optic transceivers. These applications are currently a minor share of total consumption, but analysts expect growth in InP as data centre bandwidth requirements scale with AI workload intensity — a watch item rather than a current indium price driver.

Western Indium Supply Development and Recycling

The indium supply picture is meaningfully more diversified than gallium’s, and this distinction matters for price volatility assessment:

• Nyrstar (Belgium/Netherlands): One of the largest zinc smelting complexes outside China, with indium recovery capacity providing a genuine European primary supply node.
• Americas zinc smelters: Indium is recovered at zinc operations in Canada, Peru, and South Korea. South Korean output in particular has historically provided a meaningful non-Chinese supply buffer.
• Umicore (Belgium): A leading specialty metals refiner and recycler, Umicore processes indium-bearing materials and ITO scrap, supporting both refined supply and the circular economy.
• ITO recycling: The recycling of indium from LCD manufacturing scrap — sputtering targets, edge trim, and end-of-life panels — is a well-established secondary source. Industry estimates suggest recycled indium accounts for 25–30% of total supply in some years (USGS directional estimate). Recycling acts as a structural indium price moderator: as prices rise, the economics of ITO scrap recovery improve, partially self-correcting supply tightness.

The cumulative effect of these non-China sources and recycling flows means that a complete Chinese export cutoff — while disruptive — would not leave Western manufacturers without options in the medium term. This is explicitly not the case for gallium or, to a lesser extent, germanium. September’s reassertion of a Western premium is a further illustration of this diversification in practice: Western prices moved up independently of China domestic rather than tracking it, consistent with Western buyers operating in a genuinely linked but not fully dependent market.

Indium Price Outlook

The indium price picture has now shifted for three consecutive months, each time in a different direction. July was defined by a China-led domestic spike inverting the historical Western premium. August saw Western benchmarks close that gap through sharp increases of their own, bringing all three benchmarks to near-parity. September reversed that again: China domestic eased while CIF, USA, and Europe rose together to an identical $880.00/kg, restoring a clear Western premium closer to the pre-2026 historical pattern. Near-term direction is genuinely unclear given this run of shifting relationships — whether September’s structure holds, reverts toward convergence, or moves again is not yet possible to call with confidence, and this is worth monitoring closely at the next update rather than assuming continuation.

Medium-term, the indium price outlook remains cautiously bullish on structural grounds. CIGS solar deployment, if it accelerates as manufacturers project, could add 200–400 tonnes of annual indium demand by 2027 — a meaningful increment against global primary production of roughly 900 tonnes per year (USGS estimate). The recycling supply response and the more diversified primary base are expected to moderate extreme upside relative to gallium. Three consecutive months of unusual and differing benchmark relationships introduce more near-term uncertainty to any specific price range forecast than this page has previously carried; all forecasts are analyst estimates subject to significant revision and should not be construed as investment advice.

Indium vs Gallium: Same Export Controls, Different Supply Risk

Indium and gallium were included in the same August 2023 Chinese export licensing order, and both are by-product metals with inelastic primary supply. The similarities end there. Gallium’s supply base is more than 80% China-dependent, recycling is nascent, and non-Chinese primary alternatives are minimal. Indium, by contrast, has a 55–60% China supply share, a functioning ITO recycling ecosystem, and meaningful Western smelting capacity at Nyrstar and others. The result is a metal that is strategically sensitive but not strategically irreplaceable in the near term — illustrated by the three distinct cross-market patterns seen across July, August, and September. For a full comparison, see the gallium price tracker. For the third metal in China’s 2023 export control tranche, see the germanium price tracker.

Indium Price Per Gram, Ounce and Pound

The conversion table below is calculated from the SMM China domestic indium benchmark and updated monthly.

Indium Price in GBP, EUR and Other Currencies

Currency conversions are calculated from the SMM industrial benchmark using approximate exchange rates at the time of publication and are for reference only. For live rates, consult your preferred currency provider.

For broader rare earth and critical mineral market context, see our Rare Earth Market Outlook — May 2026.

Investment Disclaimer: This page is provided for informational purposes only and does not constitute investment advice, a solicitation, or a recommendation to buy or sell any commodity, security, or financial instrument. Indium is an industrial metal traded in specialist markets; pricing data carries inherent uncertainty. Past price performance is not indicative of future results. Data sourced from SMM (metal.com) and the USGS Mineral Resources Program.