Palladium,platinum and rhodium are interchangeable in many catalysts, particularly auto catalysts. The order given (Pd, Pt, Rh) is also the order of refractoriness in these metals and is also the normal "scale of pricing". When a large disparity occurs in these prices and you get an inversion (like right now, Rh being cheaper than Pt), one should expect more inclusion in catalysts and crucibles of the lower cost PGM and redressing the pricing situation, namely proportionately higher demand for Rh will bring back its price above Pt. The same happened about two years ago, when disruption of Pd from Russia caused Pd to go above Pt. The Japanese automakers who had mostly Pd based auto catalysts (which are lower quality than Pt based catalysts), moved gradually back to more Pt. Glass makers that are using Pt/10% Rh crucibles, will move to more refractory Pt/20% Rh and allow for longer life process cycles. With Pd at about 1/4 of Pt prices (rather than the more traditional 1/2) will regain a portion of the catalyst market as well helping redress the normal relationship. At least that is what has happened historically. It is a slow process (last time the buy Pt sell Pd hedge was on for almost 2 years...) because users want to make sure that it is not a
"passing phenomenon" before they change processes and compositions.
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