US Commerce Dept gives initial backing to Sibanye-Stillwater’s call for tariffs on Russian palladium

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)