Scrap Platinum Group Metals: Catalytic Converters, Refining and Value

What Is PGM Scrap?#

PGM scrap is spent material that contains platinum, palladium or rhodium in a form a refiner can recover, and of the six platinum group metals only these three trade as scrap. Scrap is paid on contained metal, not on the weight of the item.

Contained metal is priced off market quotes for each metal, and live PGM prices today for all six metals sit on one page. Converters, jewelry and industrial scrap differ in form, so the recovery route and the share of the metal price a seller receives differ with them.

The Three PGMs Scrap Buyers Pay For: Platinum, Palladium and Rhodium#

Platinum (Pt, element 78, CAS 7440-06-4), palladium (Pd, element 46, CAS 7440-05-3) and rhodium (Rh, element 45, CAS 7440-16-6) are the three PGMs scrap buyers pay for. In a catalytic converter they sit as dispersed nanoparticulate metal on a washcoat, not as a plated layer or an alloy. The identity and scrap role of each metal are compared below.

Rhodium depends on converter scrap more than any other PGM: automotive recycling made up all of its 312 koz secondary supply in 2025, 30.8% of combined supply, on Johnson Matthey's May 2026 figures.

Why Ruthenium, Iridium and Osmium Have No Scrap Market#

Ruthenium, iridium and osmium have no open-loop scrap market: Johnson Matthey's May 2026 PGM Market Report carries no secondary supply line for ruthenium or iridium, only primary supply of 972 koz and 229 koz in 2025. None of the three is present in a catalytic converter in recoverable quantity. SFA (Oxford) and the International Platinum Group Metals Association state that iridium recycling "arises almost entirely from closed-loop systems", and their 2026 fact sheets describe osmium as treated as an impurity and largely lost in South African refining circuits. A scrap buyer does not pay for these three metals because the scrap stream does not carry them.

What Is Inside a Catalytic Converter#

A catalytic converter's platinum, palladium and rhodium are nanoparticles dispersed on a ceramic or metallic washcoat, loaded in grams per liter of catalyst volume. That loading explains why a unit weighing several kilograms holds only single-digit grams of PGM. WPIC puts the average loading of vehicles now being scrapped at 2 to 6 grams (August 2025), and the grams depend on the vehicle, its region and its fuel.

Converter Anatomy: Where the PGM Sits#

The PGM sits in the active phase, the innermost of 5 layers. The five layers, from the outside in, are listed below.

1. Shell: stainless steel, typically 409 or 439 ferritic grade, often with a heat shield; no PGM.
2. Insulation mat: vermiculite or ceramic fiber that holds the monolith; no PGM.
3. Substrate: cordierite ceramic (2MgO·2Al2O3·5SiO2) or FeCrAl metal foil, the carrier.
4. Washcoat: gamma-alumina with ceria-zirconia oxygen-storage components, which disperses the metal.
5. Active phase: platinum, palladium and rhodium nanoparticles, the entire scrap value.

How these layers turn exhaust gas into CO2, water and nitrogen is covered under PGMs in autocatalysts.

PGM Content by Vehicle and Region#

A 2011 US gasoline light-duty vehicle carried 5.12 grams of PGM (platinum 0.28 g, palladium 4.55 g, rhodium 0.28 g) against 10.14 grams for a comparable diesel vehicle, according to US Department of Energy Program Record 16006 (17 February 2016). WPIC's estimates for 2010 model-year vehicles show the regional spread.

Vehicles reach scrapyards at 12 to 16 years old on average (WPIC), so converters recycled in 2026 were built to 2010-to-2014 emissions standards. Code-level detail sits on how much platinum is in a catalytic converter.

Diesel vs Gasoline: Grams vs Grade#

A diesel converter system can hold more total PGM grams than a gasoline converter yet assay at a lower grade per tonne, because its metal is spread across a larger ceramic volume (oxidation catalyst plus particulate filter). Refiners settle on concentration in grams per tonne (1 g/t = 1 ppm), not on grams per unit. NIST reference material SRM 2557, a used autocatalyst, assays 1,131 mg/kg platinum, 233.2 mg/kg palladium and 135.1 mg/kg rhodium (Kuzuhara, Ota and Kasuya, Materials, 2021); it is a certified reference, not a market average, but it shows spent catalyst running at hundreds to low thousands of g/t against single-digit g/t in Bushveld ore. Two diesel parts change the value: an SCR unit contains zero PGM, and oxidation catalysts and particulate filters contain no rhodium (US DOE).

How Catalytic Converter Scrap Is Valued and Settled#

Catalytic converter scrap is valued as its contained platinum, palladium and rhodium priced at market and discounted through a six-step chain: scrapyard, aggregator, decanner, sampler, smelter and refiner. Each step takes a cost or a margin, and the seller's price is what remains. WPIC describes the structure plainly: "The upstream segments of recycling are fragmented with many market participants, while smelting and refining is concentrated amongst fewer firms", naming Johnson Matthey, Umicore and BASF among the refiners.

The Valuation Chain: Scrapyard to Refined Metal#

At 2024 average prices, an average North American autocatalyst carried $250 of contained platinum, palladium and rhodium, and the refiner paid the aggregator 90% to 95% of that value, according to WPIC's Platinum Essentials of 20 August 2025. WPIC priced a 2010 model-year catalyst at $957/oz platinum, $982/oz palladium and $4,640/oz rhodium; the step-by-step split is shown below.

Per-code quotes and how buyers apply this chain are on catalytic converter scrap prices.

Why the Scrapyard's Payout Swings More Than the Metal Price#

The scrapyard's payout is the residual after aggregator costs, so it absorbs almost the entire metal-price swing. WPIC's break-even offer to a North American scrapyard fell from $402 per catalyst at 2021 prices to $34 at 2024 prices, a roughly 12-fold collapse, while contained value fell 65%, from $719 to $250. Aggregator costs of US$90 to US$200 per catalyst stay fixed, and the refiner's percentage stays fixed.

Why do refiners stay profitable through the cycle? WPIC finds that about 90% of a refiner's input cost is feedstock linked to market prices, and refiners hedge their selling prices. The yards and aggregators upstream carry the price risk of the wider platinum group metals market.

Assay, Payables and Lot Minimums#

Refiners settle a lot on payables of 96% to 98% for platinum and palladium and 88% to 93% for rhodium, as typical ranges published by Ecotrade Group, after a preliminary XRF assay and a final ICP settlement assay. Technical recovery of about 95% (SFA Oxford) is a different number from the payable. The settlement terms Ecotrade publishes are compared below.

Recohub illustrates the moisture effect: a 1,000 kg wet lot at 5% moisture settles as 0.95 t dry, and a 1,800 g/t palladium assay then yields 1,710 g gross and 1,675.8 g payable at a hypothetical 98%.

PGM Scrap Beyond the Catalytic Converter#

Catalytic converters are the largest PGM scrap stream, but platinum, palladium and rhodium also return from jewelry, dental alloys, electronics, laboratory ware and industrial catalysts. WPIC puts automotive recycling at "three-quarters to 84%" of total PGM recycling, depending on the metal. The six platinum group metals themselves are profiled under platinum group metals (PGMs).

Platinum and Palladium Jewelry Scrap#

Platinum and palladium jewelry is bought on its fine-metal content, not its gross weight, and the hallmark states that content in parts per thousand. Pt950 is 95% platinum (WPIC glossary), so a 10 g Pt950 ring holds 9.5 g of platinum. Under 16 CFR §23.6 (FTC), items of 950 parts or more may carry a plain "Platinum" mark; the UK Hallmarking Act 1973 sets a legal minimum of 850. Platinum jewelry recycling reached 356 koz in 2025, and China (233 koz) and Japan (111 koz) returned 96.6% of it, according to WPIC's Platinum Quarterly (18 May 2026). Payout steps are on selling platinum jewelry for scrap.

Dental and Electronic Scrap#

Johnson Matthey reports palladium demand for dental and biomedical alloys falling from 208,000 to 163,000 ounces between 2021 and 2025, and forecasts 151,000 ounces for 2026. Dental alloys qualify as "high noble" at 60 wt% noble metal or more with at least 40% gold, and as "noble" at 25% or more (ADA classification). Crown and bridge alloys are covered on dental scrap.

Electronics hold platinum and ruthenium in hard-disk platters, palladium and ruthenium in capacitors and resistors, and palladium in connector plating (Johnson Matthey). JM's "electrical and other" secondary supply shows palladium near flat at 426 to 470 koz from 2021 to 2026f, while platinum doubles from 49 to 98 koz. Recovery routes are on electronic scrap.

Thermocouple and Laboratory Platinum Scrap#

Platinum-rhodium thermocouple wire and platinum labware carry standardized alloys, so the contained metal follows from the type and the weight. Type S is Pt-10% Rh against pure platinum, Type R is Pt-13% Rh against platinum, and Type B is Pt-30% Rh against Pt-6% Rh (IEC 60584, ASTM E230). Wire types are on platinum thermocouple scrap.

Laboratory crucibles and dishes use pure platinum, Pt-5% Au or Pt-10% Rh, and laboratory metal is almost entirely recovered and refabricated. Crucible recovery is on platinum labware and crucible scrap.

Industrial Catalyst Recycling: A Closed Loop#

Platinum-rhodium gauze catalysts from nitric acid plants return in a closed loop to the gauze maker and never appear in published secondary supply, because the plant owner keeps ownership of the metal (Johnson Matthey glossary). ARC/IWE records the classic gauze alloy as 90% platinum and 10% rhodium, first patented by DuPont in 1929, and finds that downstream palladium "getter" gauze of about 95% palladium recaptures 25% to 95% of the volatilized platinum.

How Much PGM Scrap Comes Back Each Year#

Automotive recycling returned 1,132 koz of platinum, 2,657 koz of palladium and 312 koz of rhodium in 2025, according to Johnson Matthey's PGM Market Report (May 2026). All figures in the table below use Johnson Matthey's basis, in thousand troy ounces.

WPIC and Metals Focus measure platinum separately: autocatalyst recycling of 1,241 koz in 2025, forecast at 1,365 koz for 2026 (Platinum Quarterly, 18 May 2026), with recycling averaging 24% of platinum supply over the five years to 2024. The two series use different boundaries and are never combined.

Catalytic Converter Theft and Scrap Metal Law#

US catalytic converter theft peaked in 2022 at 45,000 State Farm claims and $115.4 million paid, and State Farm claims fell 74% year on year in the first half of 2024, to 3,800 or more. NICB counted 64,701 insurance claims in 2022. A replacement converter still costs the owner $1,000 to $3,500 or more (NICB, 10 May 2023).

No federal converter theft statute had been enacted as of 6 August 2026; the PART Act (S. 2238, H.R. 5221) sits in committee. The UK's Scrap Metal Dealers Act 2013 requires dealers to verify seller identity (section 11) and bans cash payment (section 12). Causes and prevention are on catalytic converter theft.

Catalytic Converter Scrap Resources#

DailyPlatinum covers PGM scrap in 23 dedicated pages across three groups: converters (12), metals and categories (8), and refining (3).

Converter Pricing, Identification and Grading#

Converter-specific scrap topics, from identification codes to grading and theft, have 12 dedicated pages, listed below.

Scrap by Metal and Category#

Platinum, palladium and rhodium scrap, and non-converter categories such as jewelry, dental and electronic scrap, each have a dedicated page, listed below.

Refining and Assay#

Refining process, PGM assay methods and refiner choice each have a dedicated page, listed below.

PGM Scrap FAQ#

What is PGM used for?#

PGM is used mainly for catalysis: platinum, palladium and rhodium convert engine exhaust gases in catalytic converters. Automotive use takes about 35% of annual platinum demand and over 80% of palladium and rhodium demand (WPIC, August 2025), and all six PGMs see further industrial, electronic, medical and investment use.

Is it legal to sell a catalytic converter?#

Selling a catalytic converter is generally legal in the United States, but state laws restrict who may buy and sell one. NICB tracked 163 converter bills across 37 states in 2022, 31 of them enacted, and typical provisions require proof of ownership or sale to a licensed dealer. State rules are on where to sell a catalytic converter.

Which PGM scrap pays the most per gram?#

Rhodium scrap pays the most per gram of the three converter metals: USGS puts its 2025 estimated average at $5,800/oz, against $1,200 for platinum and $1,100 for palladium (Engelhard series). Rhodium has no LBMA benchmark and is payable at only 88% to 93% (Ecotrade). Recovery is covered on rhodium scrap.

Will PGM scrap prices rise in 2026?#

No PGM scrap price is certain; WPIC and Metals Focus forecast platinum autocatalyst recycling supply rising to 1,365,000 ounces in 2026, in their Platinum Quarterly of 18 May 2026. Johnson Matthey forecasts rhodium automotive recycling at 339 koz in 2026 (May 2026). Neither forecast sets a scrap price.

What are platinum, palladium and rhodium's symbols, atomic numbers and CAS numbers?#

Platinum has symbol Pt, atomic number 78 and CAS number 7440-06-4; palladium Pd, 46 and 7440-05-3; rhodium Rh, 45 and 7440-16-6. PubChem gives atomic masses of 195.08, 106.42 and 102.9055.