UPDATE 1-Sibanye appeals against US trade commission ruling on Russian palladium
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July 21 (Reuters) - Sibanye Stillwater SSWJ.J said on Tuesday it is appealing against a recent United States International Trade Commission ruling that imports of Russian palladium do not pose an imminent threat to U.S. production of the metal.
The diversified South African miner is the sole primary producer in the U.S. of the metal used in automobile catalytic converters. It said the ITC did not adequately consider certain legal issues which show that Russian palladium shipments into the U.S. amounted to illegal dumping and subsidisation, leading to depressed prices.
"Given the ongoing importance of ensuring a resilient and responsibly sourced domestic supply of this critical mineral, the company will continue to pursue all available U.S. trade remedies to protect and sustain a viable domestic palladium industry," Sibanye said in a statement.
Sibanye asked the U.S. in July last year to consider imposing a tariff on Russian palladium imports to support the long-term viability of domestic supplies.
In a finding announced on May 29, the ITC said the U.S. industry was "not materially injured or threatened with material injury" by Russian palladium imports.
U.S. palladium imports from top global producer Russia increased 35% between 2022 and 2024, while prices for the metal fell 50% during that period. Palladium has so far avoided U.S. sanctions imposed on Russia following its 2022 invasion of Ukraine.
Sibanye Stillwater has had to restructure its U.S. palladium business by suspending production at parts of its Montana operations and prioritising higher-grade sections, as the company cuts costs amid depressed palladium prices.
Spot palladium prices XPD= have fallen about 22% since the start of the year to around $1,285 per ounce as of Tuesday.
