The price of rhodium, a precious metal mainly used in car catalytic converters to control exhaust emissions, has fallen to a four-year low, according to Mintec.
In 2008, a high demand resulted in the price soaring tenfold. Mintec said this saw many car manufacturers turn to using cheaper alternatives palladium and platinum.
“High demand also led to an increased investment in production of rhodium,” explained Mintec. “This, coupled with lower car production during the global financial downturn, has meant that production has outstripped demand for several years causing high stocks, therefore, pushing prices down.”