THE World Platinum Investment Council (WPIC) has thrown its weight behind Sibanye-Stillwater’s campaign for US tariffs on Russian raw palladium imports, said BusinessLive in a report on Tuesday.
The council said American policy action against Russia would protect domestic palladium producers whilst tightening global markets and pushing prices higher.
Growing evidence suggests Russian state subsidies have enabled the country to flood the market with discounted material in recent years, squeezing US miners.
Sibanye-Stillwater raised the alarm in July, filing petitions for antidumping and countervailing duties on Russian unwrought palladium imports. US authorities must decide on the duties by January 2026, though the WPIC noted preliminary evidence had “established a reasonable indication of material injury”.
Russian exporters have gradually displaced local palladium suppliers. Whilst domestically mined and recycled palladium supply in the US each fell roughly 30% between 2021 and 2024, the country’s Russian imports grew 34% over the same period and have climbed another 30% this year.
“Sibanye’s petition may result in duties on Russian palladium, improving domestic competitiveness and potentially elevating US palladium prices,” said the WPIC.
The US classifies platinum group metals as critical minerals given their importance in energy transition and vulnerability to supply disruptions. Sibanye’s Stillwater and East Boulder operations in Montana represent America’s sole source of PGM supply.
Russian import tariffs will likely push palladium prices higher, the WPIC added. The metal has surged over 60% this year, reaching a two-year high of $1,665 per ounce last week.
The US Geological Survey estimated complete loss of Russian palladium supply could lift domestic prices by as much as 24%.
