What is the price of platinum per gram and the process of recycling platinum?

Platinum, with its rarity and corrosion resistance, occupies an important position in jewelry making and industrial applications. With the limited nature of resources and the enhancement of environmental protection awareness, the recycling of platinum has become particularly important. Here, we will explore the market price of platinum and understand the process of recycling platinum through a specific recycling case.

Platinum price per gram
Platinum prices fluctuate depending on supply and demand in the global market, mineral output and economic policy. As of early 2023, the price of platinum is around $25 to $30 per gram, but this price is subject to changes in the market. This price is closely watched by both investors and consumers in order to make a decision to buy or sell.

Recovery case
Name of recycled metal: Platinum
Date: December 2022
Location: Toronto, Canada


Procedure:
In this particular case, a Toronto-based precious metals recycling company successfully recycled a batch of platinum from used industrial equipment. First, the company collects platinum-containing waste through an extensive network, mainly from used car catalytic converters and medical equipment. The collected waste is initially sorted and treated to remove the non-metallic parts.

Specialised chemical processes are then used to extract platinum from these wastes, including steps such as chemical leaching and electrolytic refining. This process is designed to separate and purify platinum from other substances. The extracted and purified platinum is re-cast into a standardized gold bar or powder for reuse.

Weight: A total of about 5 kg of pure platinum was recovered from this batch of scrap.

The price of recycling:
Considering that the market price of platinum at the time was about $30 per gram, the total value of these 5 kilograms of pure platinum was about $150,000. This significant economic benefit not only brings benefits to the recycling company, but also demonstrates the value of resource recycling.

The process of recovering platinum
The process of recovering platinum consists of several key steps:

Collection and classification: The first is to collect the waste containing platinum and conduct preliminary classification to distinguish platinum materials of different sources and purities.
Physical and chemical treatment: The waste is treated by physical methods, such as crushing, and the platinum is extracted by chemical methods, including the use of chemical solvents and electrolytic processes.
Purification: The extracted platinum is purified through a further chemical process to remove impurities, resulting in a high purity platinum.
Recast and reuse: The purified platinum is recast into gold bars or powder, ready for the next round of use or sale process.

Through the above process, the recovery of platinum not only promotes the recycling of resources and reduces the exploitation of new resources, but also contributes to environmental protection. With advances in technology and increased awareness of recycling, the precious metals recycling industry is expected to continue to expand and make greater contributions to sustainable development.