Catalytic converter thefts are dropping. It’s no coincidence that metal prices are falling, too [Video]

As the value of the precious metals found inside catalytic converters steadily falls, so too are the number of police reports being filed across Canada about the automotive parts being stolen.

Criminals steal catalytic converters, which control emissions from a vehicle, because they contain small amounts of platinum, palladium and rhodium. 

Prices for all three metals began climbing in 2020 and 2021 before levelling off — or, in the case of rhodium, plummeting by about 80 per cent from a high of almost $30,000 US per troy ounce in March 2021.

“I’ve just heard anecdotally that across North America the problem has diminished,” said Const. Dani McKinnon, public information officer for the Winnipeg Police Service. 

Winnipeg police have had 25 thefts reported so far this year compared to 1,797 for all of 2022.

It’s a similar story in Calgary, Edmonton, Montreal and Halifax, where police data shows substantial decreases in …