(Platinum) Palladium, rhodium are two other precious metals that are used. Platinum and rhodium are used as a reduction catalyst, while platinum and palladium are used as an oxidization catalyst. Cerium, iron, manganese and nickel are also used, though each has its own limitations. Nickel is not legal for use in the European Union (due to reaction with carbon monoxide). While copper can be used, its use is illegal in North America due to the formation of dioxin.
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Catalytic converter theft
Due to the use of precious metals including platinum worth up to $1,200 an ounce; palladium at up to $320 an ounce; and rhodium at up to $6,400 an ounce, catalytic converters are a target for thieves. The problem is especially common among late-model Toyota trucks and SUVs, due to their high ground clearance and easily-removed bolt-on catalytic converters. Welded-in converters are also at risk of theft from SUVs and trucks, as they can be removed within five minutes by means of a battery powered reciprocating saw. [1], The value of precious metals in a single converter is low, seldom over $50 per converter at 2007 prices[citation needed]. UK prices fluctuate between £35-$70 and £45-$90 for genuine converters and approx £8-£16 for non genuine converters being bought as scrap metal[citation needed].