LONDON, Feb 13 (Reuters) – Sibanye-Stillwater’s call for U.S. tariff on Russian palladium imports has received preliminary support from the U.S. Commerce Department, although a final decision is not expected until mid-2026, the miner said on Friday.
Sibanye-Stillwater, which has production assets in South Africa and the U.S., asked Washington in July to impose a tariff on Russian palladium imports to support the long-term viability of U.S. supplies.
Trade data indicates that global flows have already begun to reroute since the company filed its petition, with South African producers gaining in the U.S. market, but losing share to Russian palladium in China.
On Tuesday, the U.S. Department of Commerce said the preliminary finding from its investigation was that dumping was taking place, citing a “preliminary weighted-average dumping rate margin” of 132.83% for palladium from Russia.
The final decision, expected in June, will also follow investigations by the U.S. International Trade Commission.
The preliminary finding is encouraging for Sibanye-Stillwater as “Russia’s palladium dumping” has resulted in a material competitive disadvantage to U.S. producers, Chief Executive Richard Stewart said in a statement.
The Johannesburg-based miner posted a loss of $211 million in the first half of 2025.
Russia’s Nornickel, the world’s largest palladium producer with a 40% share of global mined output, declined to comment.
Highlighting the shift in trade patterns, U.S. palladium imports from South Africa rose 22% to 31 metric tons in January-November 2025, while deliveries from Russia, its second-largest supplier, fell 14% to 23 tons, according to Trade Data Monitor.
For Russia, shipments to China – its second-largest palladium export market after the U.S. – jumped 42% to 22 tons over the same period, while China’s imports from South Africa fell 11% to 6 tons.
Prices for palladium, used to clean exhausts in gasoline vehicles, rose 76% in 2025 amid a wider rally in precious metals.
(Reporting by Polina Devitt. Editing by Mark Potter)
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