Palladium prices fell during Tuesday trading despite a weaker dollar against most major currencies, as the industrial metal faced volatility driven by uncertainty over whether the United States will impose tariffs on Russian palladium exports.
Sibanye-Stillwater has asked the United States to consider imposing tariffs on imports of Russian palladium, a move that could add to price swings in the metal.
The Johannesburg-based company said its petition adds further uncertainty to the outlook for platinum group metals (PGMs), after a rally since the start of the year driven by lower output in South Africa during the first half and thin liquidity in the spot market.
Neal Froneman, the company’s CEO, said in a statement on its website dated July 31:
“We believe Russian palladium imports are being sold below market prices due to a number of factors, which began primarily after Russia’s invasion of Ukraine in 2022.”
He added: “Securing protection from subsidized and dumped Russian imports will allow Sibanye-Stillwater, its employees, and the entire US PGM industry to compete in a fairer environment.” The petition is expected to be decided within 13 months.
Russian company Nornickel, the world’s largest palladium producer with a 40% share of global mined output, declined to comment.
Sibanye-Stillwater, which holds assets in South Africa and the United States, reported a second consecutive annual loss last year after writing down 500 million dollars in US palladium assets amid lower prices.
Spot palladium prices have risen 31% since the start of 2025, with positive expectations for the rest of the year. Analysts surveyed by Reuters in July forecast palladium will rise in 2025 for the first time in four years, supported by platinum’s gains.
However, Heraeus analysts warned that “imposing tariffs on the Russian metal will not necessarily affect market balance, but could redirect global flows of the metal, adding to price volatility.”
According to Trade Data Monitor, Russia and South Africa are the main suppliers of palladium to the United States. China ranks second after the US as the largest buyer of the metal from Russia.
US imports of Russian palladium rose 42% year-on-year to exceed 500,000 troy ounces in the January–May period, according to Heraeus.
Palladium and other PGMs are widely used in purifying exhaust from gasoline-powered cars and have so far avoided both US sanctions on Russian companies over the war in Ukraine and any import tariffs announced by President Donald Trump.
Meanwhile, the dollar index fell 0.3% to 98.1 points as of 16:07 GMT, after hitting a high of 98.5 and a low of 98.1.
As for trading, December palladium futures fell 0.9% to 1,103.5 dollars an ounce as of 16:09 GMT.
