SIBANYE-Stillwater said on Tuesday it had appealed a US International Trade Commission ruling in May that imports of Russian unwrought palladium did not depress prices of the metal, or threaten the businesses of domestic miners.
The commission said on May 29 US industry “is not materially injured or threatened with material injury by reason of imports of unwrought palladium.” It did, however, acknowledge an earlier Department of Commerce judgement that the palladium was sold at less than fair value and that they were “subsidised by the government of Russia.”
Sibanye-Stillwater said today the ITC “did not adequately consider certain legal issues which, when correctly interpreted, demonstrate that this illegal dumping and subsidisation contributed to depressed global palladium prices.”
The South African miner said it filed a summons on July 16 to appeal the finding. It first filed its petitions with US authorities in July last year.
Said Sibanye-Stillwater: “As the sole primary US producer of palladium and 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.”
From 2021 to 2024, US palladium supply from mining declined 27% and recycling supply fell 30%. Over the same three-year period, US palladium imports from Russia increased 34%. In 2025, imports increased by about 30%.
Not all agreed with Sibanye-Stillwater at the time of lodging its original anti-dumping petition. US trade data suggests that Russian sales had not been below market prices, the World Platinum Investment Council concluded in October.
The palladium price has flatlined this year, while platinum is about 8% higher. There is disagreement on the trajectory of palladium, with Johnson Matthey, a market consultancy, saying it would move into a 214,000-ounce surplus, while the WPIC forecast a deficit.
MMC Norilsk Nickel, Russia’s largest miner, said in January that it expected platinum and palladium production to decline this year due to lower ore grades. Palladium output could fall as much as 11% to 2.4 million ounces, while platinum production may drop about 8% to 616,000 oz, said Bloomberg News citing the company, known as Nornickel.
