The U.S. Department of Commerce has given preliminary backing to a petition by miner Sibanye-Stillwater that seeks U.S. tariffs on palladium imported from Russia, the Johannesburg-based company said on Friday. The miner, which operates production assets in South Africa and the United States, requested the tariff in July with the goal of protecting the long-term viability of domestic supplies.
In its preliminary finding, the Commerce Department concluded that dumping was occurring and reported a preliminary weighted-average dumping rate margin of 132.83% for palladium originating from Russia. The department said the case will proceed toward a final decision - which the miner said is not expected until mid-2026 - and the Commerce statement also noted the final decision, expected in June, will follow the U.S. International Trade Commission's investigations.
Sibanye-Stillwater described the preliminary result as an encouraging development. Chief Executive Richard Stewart said that what the company characterized as "Russia's palladium dumping" has created a significant competitive disadvantage for producers in the United States.
Market and trade data show shifts in global palladium flows since the petition was filed. According to Trade Data Monitor, U.S. imports of palladium from South Africa increased 22% to 31 metric tons in January-November 2025, while deliveries from Russia to the United States fell 14% to 23 tons over the same period. At the same time, Russia's shipments to China - noted as its second-largest palladium export market after the United States - rose 42% to 22 tons, while China's imports from South Africa declined 11% to 6 tons.
The miner reported a loss of $211 million in the first half of 2025. Russia's Nornickel, identified as the world's largest palladium producer with about a 40% share of global mined output, declined to comment on the Commerce Department's preliminary finding.
Prices for palladium, a metal used in catalytic converters for gasoline-powered vehicles, rose 76% in 2025 amid a broader rally in precious metals. The outcome of the Commerce Department's process and the International Trade Commission's work will determine whether tariffs are imposed and how trade patterns may adjust going forward.
Key points
- Commerce Department preliminarily found dumping of Russian palladium with a 132.83% weighted-average margin.
- Final determinations will await the U.S. International Trade Commission and are expected by mid-2026, with the Commerce Department indicating a decision expected in June.
- Trade flows have shifted: U.S. imports from South Africa rose while Russian shipments to the U.S. fell and Russian exports to China increased.
Risks and uncertainties
- Timing and outcome risk - the preliminary finding is not final; the case remains subject to further investigation by the International Trade Commission and a final Commerce decision.
- Market-share shifts - ongoing rerouting of palladium flows could continue to alter supplier relationships and pricing dynamics in mining and automotive sectors.
- Corporate and financial risk - Sibanye-Stillwater reported a first-half 2025 loss, highlighting potential balance-sheet pressure for producers amid volatile prices and trade developments.