SIBANYE-Stillwater has filed an antidumping claim on Russian imports of unwrought palladium which it says are harming the viability of Stillwater, the group’s US mine which produces the metal as well as platinum.
The claim, lodged with the US Department of Commerce and the US International Trade Commission (ITC), requests duties on unprocessed metal from Russia such as bars, ingots, powder, and wire, the company said.
If successful, imports of unwrought palladium from Russia to the US will be subject to duties to offset the levels of dumping and subsidies identified, the group said.
Sibanye-Stillwater’s petition to the US government is with its main union at Stillwater, the United Steelworkers Union (United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union).
“We believe that Russian palladium imports are being sold below market prices due to various factors, starting just after Russia invaded Ukraine in 2022,” said Neal Froneman, CEO of Sibanye-Stillwater in a statement on Thursday.
During that time, Sibanye-Stillwater was forced to cut production at Stillwater by half to about 300,000 ounces a year of PGMs. It also slashed jobs at Stillwater’s mines amid hefty declines in all platinum group metal prices.
“Russian palladium imports into the US 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,” said Sibanye-Stillwater.
The miner’s petition comes at a time when Stillwater may just be about to register a profit after more than two years of lossmaking. This is after a healthy 38% lift in the palladium price this year. Platinum has also been on the rise this year, gaining 46%.
Implementation of duties is by no means quick, however. It could take 13 months to complete the process. The Department of Commerce might only make a decision on whether to investigate Sibanye-Stillwater’s petition, or simply note it, after 21 days.
“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,” said Froneman.
