THE US will impose antidumping duties on imports of unwrought palladium from Russia, said Sibanye-Stillwater, the Johannesburg miner.
Citing a preliminary determination by the US Department of Commerce, Sibanye-Stillwater said duties of up to 132.83% could apply as soon as next week.
Sibanye-Stillwater filed an antidumping claim on Russian palladium with the United Steelworkers Union in July. In their submission, the parties claimed that US imports were harming the viability of the Stillwater mine located in Montana.
According to Sibanye-Stillwater’s claim, Russian exports of palladium to the US between 2022 and 2024 increased by 35%, while palladium prices fell 50%.
During that time, Sibanye-Stillwater was forced to cut production at Stillwater by half to about 300,000 ounces a year of platinum group metals (PGMs). It also slashed jobs at Stillwater’s mines amid hefty declines in all PGM prices.
“Russia’s palladium dumping has resulted in a material competitive disadvantage to the local US PGM producers and employees,” said Richard Stewart, CEO of Sibanye-Stillwater in a statement on Friday.
Since filing the petitions, Russian palladium imports into the US appear to have declined substantially, and palladium prices have increased materially. Palladium is currently trading at $1,646,50 per ounce, 63% higher over the last 12 months.
“Enforcement of US trade laws enables our US PGM operations to compete on a more level playing field against other, less regulated regions,” Stewart said.
The tariff is subject to final decision by the International Trade Commission (ITC) and Commerce, which is expected by June.
In addition to antidumping, a countervailing duty investigation is also being run by the Department of Commerce. A concurrent “injury determination” is also underway in the ITC with a decision expected in due course, Sibanye-Stillwater said.
Russian palladium exports would be replaced by US production and recycling over time but the short-term impact of the duties being applied would mean “upwards pressure” on the palladium price in the short-term, said the World Platinum Investment Council.
