Why is the price of palladium so high?
The price of this precious metal can fluctuate and is a factor in the theft of catalytic converters due to its resale price. In this article we look at why the price of palladium is high and its numerous uses. What is Palladium? Palladium is a precious metal mined primarily in Russia and South Africa. It is white in colour and a member of the ‘platinum group’ of metals that consists of ruthenium, rhodium, osmium, iridium, and platinum. Which car parts is Palladium used in? Around 85% of palladium is used in vehicle’s exhaust systems, as part of the catalytic converter, turning toxic pollutants into less-harmful gases before they are released into the atmosphere. It is also used in electronics, dentistry and to make jewellery. Although research has been conducted into using Platinum in catalytic converters instead, numerous technological advances are required before it can match the performance of existing palladium-based catalytic converters. To reduce costs, many automobile...