Sibanye-Stillwater asks U.S. authorities to impose anti-dumping duties on Russian palladium
MOSCOW. Aug 4 (Interfax) - Sibanye-Stillwater and the United Steelworkers Union in the United States have asked the U.S. government to consider introducing tariffs on imports of Russian palladium to ensure the uninterrupted operation of the Stillwater mine in Montana, according to a Heraeus precious metals review.
Petitions for imposing anti-dumping and countervailing duties on imports of unprocessed palladium from Russia were submitted to the U.S. Department of Commerce and the U.S. International Trade Commission (ITC), Sibanye-Stillwater said on July 31.
A significant decline in prices for platinum group metals since 2022 has affected profitability and threatened the financial stability of U.S. platinum group metal producers, necessitating restructuring and negatively impacting employees and stakeholders in America. "Simultaneously, Russian palladium imports into the U.S. have increased in volume over the same period and, based on an analysis of public trade statistics, are being sold at a discount to market-related palladium prices," Sibanye-Stillwater said.
Russian palladium has been sold below market prices since 2022 due to various factors, Sibanye-Stillwater CEO Neal Froneman said. "Obtaining relief from dumped and subsidised Russian imports will give Sibanye-Stillwater, its employees, and the entire US PGM industry, an opportunity to compete on a more level playing field," he said.
Initially, the U.S. Department of Commerce will decide within 21 days whether to conduct an investigation, after which the ITC will issue a preliminary decision within 45 days. The Department of Commerce may then impose preliminary countervailing duties within 5 months and preliminary anti-dumping duties within 7 months, Sibanye-Stillwater said. A final decision must be issued within 13 months from the date of filing the petition.
According to Heraeus, imports of Russian palladium into the U.S. rose 42% year-on-year in January-May 2025, exceeding 500,000 ounces. In total, Nornickel produced 1.4 million ounces of palladium in H1 2025.
According to Heraeus, while the introduction of tariffs on Russian metal may not necessarily affect the overall palladium market balance, it could lead to a redirection of global physical metal flows, resulting in price volatility.
Nornickel held a controlling stake in U.S. palladium and platinum producer Stillwater Mining from 2002 to 2010, without exercising operational control.
Platinum group metal production in North America (in addition to the U.S., mining also takes place in Canada, where the former North American Palladium was acquired by Impala) is unprofitable at current prices, according to a market report published by Nornickel in July this year, and production there may be significantly reduced. At the same time, since the beginning of this year, palladium has risen in price more than 30%, following platinum, despite challenges related to declining internal combustion vehicle production and the spread of electric vehicles.
