Sibanye-Stillwater appeals US ruling that Russian palladium did no material injury

Sibanye-Stillwater has taken its campaign against Russian palladium to the US courts, appealing a trade ruling that went against it in May.

The company said on 21 July 2026 that it had filed a summons on 16 July to challenge the US International Trade Commission (ITC) decision. On 29 May the ITC found that US industry was not materially injured, or threatened with material injury, by imports of unwrought palladium from Russia. The commission did, however, accept an earlier Department of Commerce finding that the metal had been sold at less than fair value and was subsidised by the Russian government.

Sibanye's argument

Sibanye-Stillwater argued that the ITC failed to consider certain legal issues properly and that, correctly interpreted, those issues show that dumping and subsidies contributed to depressed global palladium prices. As the only primary producer of palladium in the US, through its Stillwater operations in Montana, the company said it would continue to pursue all available trade remedies to protect a viable domestic palladium industry.

The company first lodged its petitions with US authorities in July 2025. It cites trade data showing that between 2021 and 2024 US palladium supply from mining fell 27% and recycling supply fell 30%, while imports from Russia rose 34%. Imports increased by a further 30% or so in 2025.

Not everyone accepted the premise. The World Platinum Investment Council concluded in October 2025 that US trade data did not suggest Russian metal had been sold below market prices.

Why a South African producer cares

Although the case concerns Sibanye-Stillwater's American business, the outcome matters for the palladium price, which affects every South African PGM miner. Palladium is a significant part of the basket at South African mines, and depressed PGM prices in 2024 forced cutbacks across the industry, from ARM's deferral of its Bokoni expansion to Sibanye-Stillwater's own restructuring. Sibanye-Stillwater halved output at Stillwater to 200,000oz a year during that slump, according to comments by its then chief executive in February 2025.

Palladium has lagged this year. By the time of the appeal, the palladium price had moved sideways in 2026 while platinum was about 8% higher. Forecasters disagree on the balance: Johnson Matthey expects a 214,000oz surplus, while the WPIC forecasts a deficit. Nornickel, Russia's largest miner, has said it expects output to fall this year because of lower ore grades.

What next

The appeal is likely to take time to resolve. Sibanye-Stillwater's persistence reflects how much the economics of its US mine, and the wider palladium market, depend on the price of a metal whose largest supplier is Russian.

Sources

• Miningmx: Sibanye challenges US over Russia palladium imports, 21 Jul 2026
• Miningmx: Sibanye-Stillwater plans chrome deal as nears end of restructure, 03 Feb 2025

Photo: Platinum-palladium ore from the Stillwater mine in Montana, operated by Sibanye-Stillwater. James St. John, Wikimedia Commons, CC BY 2.0.