Sibanye-Stillwater's call for US tariff on Russian palladium may add to price volatility
The petition filed by Johannesburg-based Sibanye-Stillwater adds another layer of uncertainty to prospects for platinum group metals (PGMs) after a rally in prices this year due to lower first-half production in South Africa and thin liquidity in the spot market.
"We believe Russian palladium imports are being sold below market prices due to different factors, beginning primarily after the Russian invasion of Ukraine in 2022," Sibanye-Stillwater CEO Neal Froneman said in a statement on the company's website dated July 31.
"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."
A final decision on the petition is likely within 13 months.
Russia's Nornickel, the world's largest palladium producer with a 40% share of global mined output, declined to comment.
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