Palladium prices are skyrocketing. Cars to blame!

Palladium prices are skyrocketing. Cars to blame!

February 21, 2019 0 By autotimesnews

This precious metal used in catalytic converters is more expensive than ever. According to experts, this, in particular, is connected with the crisis in the sector of diesel cars.

Only from the beginning of the year, palladium prices jumped 20%. On Wednesday, a troy ounce (about 31.1 grams) of palladium for the first time cost more than $ 1,500 on commodity exchanges.

Crucial to the increase in demand for palladium was the automobile industry. In 2018, it accounted for 85% of the total consumption of this metal. Palladium is mainly used in catalytic converters, and due to the tightening of emission standards, the demand for it is growing. Ecology is becoming more and more expensive!

In addition, diesel cars were discredited, and this led to a reduction in their production, due to which the production of gasoline cars grew. Interestingly, platinum is not used for diesel catalysts, but platinum, and so on it, prices have changed little since the beginning of the year.

However, buyers should not be afraid that cars will rise sharply due to the high price of palladium. According to the automakers, for one neutralizer about 0.6 – 0.9 grams of precious metal is required.