late November 2015. Owners of rhodium—a metal with a highly volatile market price—are periodically put in an extremely advantageous market position: extracting more rhodium-containing ore from the ground will necessarily also extract other much more abundant precious metals—notably platinum and palladium—which would oversupply the market with those other metals, lowering their prices. Since it is economically infeasible to simply extract these other metals just to obtain rhodium, the market is often left hopelessly squeezed for rhodium supply, causing prices to spike. Recovery from this supply-deficit position may be quite problematic in the future for many reasons, notably because it is not known how much rhodium (and other precious metals) actually was placed in catalytic converters during the many years when manufacturers' emissions-cheating software was in use. Much of the world supply of rhodium is obtained from recycled catalytic converters obtained from scrapped vehicles. As of early November 2020, the spot price of rhodium was US$14,700 per troy ounce. In early March 2021, rhodium reached a price of US$29,400 per troy ounce on Metals Daily (a precious metals commodity listing). Used nuclear fuels Rhodium is a fission product of uranium-235: each kilogram of fission product contains a significant amount of the lighter platinum group metals. Used nuclear fuel is therefore a potential source of rhodium, but the extraction is complex and expensive, and the presence of rhodium radioisotopes requires a period of cooling storage for multiple half-lives of the longest-lived isotope (101Rh with a half-life of 3.3 years, and 102mRh with a half-life of 2.9 years), or about 10 years. These factors make the source unattractive and no large-scale extraction has been attempted. Applications The primary use of this element is in automobiles as a catalytic converter, changing harmful unburned hydrocarbons, carbon monoxide, and nitrogen oxide exhaust emissions into less noxious gases. Of 30,000 kg of rhodium consumed worldwide in 2012, 81% (24,300 kg) went into this application, and 8,060 kg was recovered from old converters. About 964 kg of rhodium was used in the glass industry, mostly for production of fiberglass and flat-panel glass, and 2,520 kg was used in the chemical industry. Catalyst Rhodium is preferable to the other platinum metals in the reduction of nitrogen oxides to nitrogen and oxygen: In 2008, net demand (with the recycling accounted for) of rhodium for automotive converters made up 84% of the world usage, with the number fluctuating around 80% during