Sibanye fights to save US palladium output from ‘dumped’ Russian metal

Sibanye-Stillwater (JSE: SSW) (NYSE: SBSW) is appealing a US trade ruling that found Russian palladium imports do not threaten domestic production, arguing the decision overlooks evidence of illegal dumping and subsidization that have depressed prices.

The South African miner, the only primary producer of palladium in the US, said the International Trade Commission (ITC) failed to properly consider legal issues surrounding Russian imports. 

The commission ruled on May 29 that the US industry was “not materially injured or threatened with material injury” by Russian palladium shipments. 

Sibanye-Stillwater first petitioned US authorities in July 2025 to impose tariffs on Russian imports to support the long-term viability of domestic production.

“Given the ongoing importance of ensuring a resilient and responsibly sourced domestic supply of this critical mineral, the company will continue to pursue all available US trade remedies to protect and sustain a viable domestic palladium industry,” Sibanye said in a statement.

Price pressure

The appeal comes as low palladium prices continue to pressure North American producers. 

US imports of Russian palladium climbed 35% between 2022 and 2024 while palladium prices fell about 50% over the same period. The metal, widely used in automotive catalytic converters, has largely escaped US sanctions imposed on Russia following its 2022 invasion of Ukraine.

Weak prices have already forced Sibanye to restructure its US palladium business by suspending production in parts of its Montana operations and focusing on higher-grade mining areas to reduce costs.

Spot palladium has fallen about 22% since the start of the year and traded near $1,285 an ounce on Tuesday.