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A catalytic converter is a device that chemically converts harmful engine exhaust emissions into carbon dioxide and water.  In a catalytic converter, the catalyst (in the form of platinum and palladium) is coated onto a ceramic honeycomb or ceramic beads that are housed in a muffler-like package attached to the exhaust pipe. The catalyst helps to convert carbon monoxide into carbon dioxide. It converts the hydrocarbons into carbon dioxide and water. It also converts the nitrogen oxides back into nitrogen and oxygen. The converter was developed in the 1960’s to meet stringent new emission legislation, initially in America, followed by the rest of the world. Since 1975 all vehicle manufacturers have used catalytic converters, and other emission control devices, to meet the required reduced 

Platinum Group Metals (PGMs)

The PGMs of most economic importance are Platinum, Palladium, and Rhodium. The markets for individual PGMs are separate and the volumes traded and prices achieved are independent of one another.

The world market for platinum in 2015 was about 8Moz. Of this, 6Moz was newly mined and 2Moz originated from recycling. The vast majority of the latter was sourced from autocatalysts and jewelry. Of mine supply, South Africa produced over 4Moz, almost 75% of newly-mined supply.

Above ground inventories of refined platinum are thought to be over 2Moz and declining. The major areas of demand during 2015 were automotive (predominantly autocatalysts) 3.5Moz; jewellery 3.0Moz; industrial 1.6Moz (chemical, petroleum, electrical, glass, medical).

Investment demand, which is usually priced insensitive, was marginal during 2015.

Diesel auto catalysts utilize platinum whereas those for petrol engines use palladium. The world market for palladium in volume terms has been slightly higher than platinum (i.e. over 8Moz) for several years. Historically, its price has been a fraction of the platinum price but in recent years, this gap has been closing.

The average annual price of platinum peaked at USD2,174/oz in 2008, fell off sharply to USD1,090/oz in 2009, recovered to USD1,828 in 2011 but has been in decline since. Prices during 2016 have been typically below USD1,000/oz. At this price level, significant production volumes from much of the palladium Recycling  in South Africa are uneconomical and will have to be cut back