A recent article in Metals Focus points out that demand for Platinum, palladium, and rhodium (all platinum group metals) grew 5% in 2021 and is expected to hit a record 11% increase in 2022 alone.
What is causing the surge?
Metals Focus points to these two trends:
Automotive manufacturing is expected to increase by 12.2% in 2022. And platinum will be needed for the Catalytic Converters that will go into all those new cars, as well as for electronic and other components.
Tighter emissions laws will be enacted in a number of countries across the world, including China, India, and secondary European countries. This is the trend we find most interesting! We know that when carmakers are required to reduce emissions, their first step is to install catalytic converters in their vehicles. And catalytic converters contain platinum and sometimes small amounts of rhodium too.
And Metals Focus sees other trends at work to increase the demand for platinum. One is an increase in the number of heavy-duty diesel-powered trucks that are being used in Asia. Large diesel-powered trucks, which have been the vehicles of choice for transporting good across Europe and North America, are only now appearing in large numbers in Asia. And they use heavy-duty catalytic converters that contain platinum.
Where to Start Collecting Platinum Scrap Now!
Medical testing and other supplies. This is a great time to collect cadmium and platinum cardiac test probes and decommissioned implanted defibrillators and pacemakers.
Laboratory testing supplies. Look for platinum crucibles, forceps, stands and other equipment.
Platinum engagement rings and jewelry. If you look on eBay as well as in local jewelry stores and pawn shops, you will find a variety of engagement rings that former owners have put up for sale.
Electronic equipment. Electronic devices, including old cellphones and remote-control devices, contain gold. But many also contain small amounts of platinum that can be reclaimed. (They also contain copper, silver, and other less valuable metals.)
Call Specialty Metals Smelters and Refiners to Turn Your Platinum Group Metals into Cash
Our precious metal refiners are here to explain how to turn your scrap into cash. Don’t let the surging demand for platinum, rhodium and other platinum group metals pass you by! Call 800-426-2344 and let’s make a plan.
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