Industry leaders to address escalating catalytic converter thefts and promote responsible PGM recycling

- The theft of catalyst converters in car exhaust systems has seen an astronomical rise in the last few years as thieves target high-valued precious metals; However, one industrial precious metals trade association is working to stop these thefts.

According to preliminary estimates from the National Insurance Crime Bureau, more than 130,000 catalytic converters were stolen in the U.S. last year, roughly double the number from 2021. The rise in precious metals prices has led to a 10-fold increase in catalytic converters thefts over the previous four years.

Rhodium, in particular, has attracted a lot of attention as its price has skyrocketed since 2018 due to rising demand and constrained supply. In early 2021 rhodium was worth more than $26,000 an ounce. While the spot price has come down from those stratospheric levels, they are still well above the 2020 lows, currently trading around $8,750 an ounce.

Because of supply issues for these precious metals, recycling has become an important contribution to the supply chain, which the IPMI said is being disrupted by the increased thefts.

This is NONSENSE! The only way that they can even try to stem the tide of thefts of CCs is to OUTLAW BUYING THEM USED. Junkyards and such should not be allowed by law to buy them. If only a Govt Recycler was allowed it would stop a lot of theft!

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Lawmakers should push grocery industry for transparency on profits, food analysts say | CBC NewsThe CEOs of Canada's largest grocery store chains are set to testify before the House of Commons agriculture committee on food inflation. Experts say officials should push for more transparency on why grocers are making so much money. I like how politicians are trying to pass blame onto grocers. Inflation is not the problem. Inflation is the result of the problem. Blame the government for flooding the system with too much money which is chasing too few goods/services i like to know how much our banks have made from this inflated mess Dont worry, dougie will be there to protect most of them
Source: CBCNews - 🏆 2. / 99 Read more »

Gold companies have a ways to go on ESG compliance, but here are the leadersKitco News' contributed commentary features articles and opinions from some of the top experts in the gold industry.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »

Two macro market signals positive... for nowKitco News' contributed commentary features articles and opinions from some of the top experts in the gold industry.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »