“Tonight, the catalytic converter was cut off from my Tucson [Hyundai Tucson crossover – ed.]. Most likely, with a reciprocating saw. The car was in the parking lot, with other cars nearby. Holosiivskyi district. Be careful, especially owners of SUVs and other tall cars,” wrote the car owner in the community “Kyiv Automotive,” backing up the post with a corresponding photo.
It is worth noting that in Europe, the boom in catalytic converter thefts occurred last year – especially in the UK, Italy, and Bulgaria. However, it’s not just the Old World – in the US, the number of attacks on catalytic converters has tripled over the past year.
Catalytic converter theft in broad daylight in the UK, captured by a surveillance camera
Why are catalytic converters stolen? The answer is simple: they contain precious metals that are inherently more valuable than gold, and their prices have surged in recent months. Mainly, there are three metals applied in thin layers as catalysts for reactions inside the converter – rhodium, palladium, and platinum. As of the end of 2020, the price of palladium is over $2,300 per troy ounce, which is 20% higher than in January (for comparison, gold costs $1,872 per ounce); platinum slightly decreased in price at the beginning of last year but has now regained its position and is valued at about $1,000 per ounce. Rhodium, however, is the most expensive of all – if at the beginning of the year it cost $6,000 per ounce, now its price has exceeded $16,000.
Another factor contributing to the boom in catalytic converter thefts is the rise in unemployment due to the coronavirus crisis.
