The United States proposes a preliminary anti-dumping duty of 133% on Russian palladium

The U.S. Department of Commerce has preliminary support for a petition by a mining company to impose anti-dumping tariffs on imported palladium from Russia, with rates approaching 133%. A final ruling is expected later this year.

Sibanye Stillwater Ltd. (which owns the Stillwater palladium mine in Montana) filed a petition with the U.S. Department of Commerce and the U.S. International Trade Commission last year, requesting relevant relief measures, claiming that palladium from Russia is being sold in the U.S. market at prices below fair value.

The preliminary ruling to impose a 132.83% tariff on unrefined palladium from Russia still requires final decisions from the two government agencies mentioned above. Sibanye stated that a final decision is expected to be made by June.

In a statement, Sibanye CEO Richard Stewart said, “Russia’s dumping of palladium has put U.S. platinum group metal (PGM) producers and their employees at a substantial competitive disadvantage. Enforcing U.S. trade laws will enable our PGM operations in the U.S. to compete in a fairer environment alongside regions with more relaxed regulations.”

When palladium prices are low, Sibanye’s mining operations in Montana have faced difficulties, forcing cost cuts, lowering production targets, and asset impairments. However, this metal, primarily used in the automotive industry to reduce harmful emissions from gasoline vehicles, has rebounded over the past year, with prices reaching a three-year high in January before slightly retreating.

The company’s petition states that the Russian government has provided various forms of financial support to its domestic palladium mining companies, including grants, preferential loans, and relatively lax environmental regulations.

Russia’s MMC Norilsk Nickel PJSC is the world’s largest palladium producer.

On Friday, spot palladium prices followed other precious metals higher after a sharp sell-off in the previous trading day. Spot palladium rose 4.53% to $1,696.15 per ounce, down 0.67% for the week.

Risk Warning and Disclaimer

Market risks are present; investments should be made cautiously. This article does not constitute personal investment advice and does not consider individual users’ specific investment goals, financial situations, or needs. Users should consider whether any opinions, views, or conclusions herein are suitable for their particular circumstances. Investment is at your own risk.