The United States plans to impose a preliminary anti-dumping duty of 133% on Russian palladium.

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The U.S. Department of Commerce has preliminarily supported a mining company’s petition to impose anti-dumping tariffs on imported palladium from Russia, with a tax rate close to 133%. A final ruling will be made later this year.

Sibanye Stillwater Ltd. (the owner of 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, stating 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 Russian unwrought palladium still requires a final decision by the two government agencies mentioned above. Sibanye stated that a final decision is expected in June.

Sibanye CEO Richard Stewart stated in a press release: "Dumping of Russian palladium has placed domestic U.S. producers of platinum group metals (PGM) and their employees at a significant competitive disadvantage. Enforcing U.S. trade law will allow our U.S. PGM operations to compete on a more level playing field with other regions that have less stringent regulation."

When palladium prices were weak, Sibanye’s mining operations in Montana faced difficulties, forcing the company to cut costs, lower its production targets, and impair assets. However, this metal, mainly used in the automotive industry to help reduce harmful emissions from gasoline vehicles, has rebounded in the past year, reaching a three-year high in January before easing slightly.

The company stated in its petition that the Russian government has provided its domestic palladium mining enterprises with various forms of financial support, including subsidies, preferential loans, and relatively relaxed environmental regulations.

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

On Friday, spot palladium prices rose along with other precious metals, following heavy selling in the previous trading day. Spot palladium gained 4.53% to $1,696.15 per ounce, down 0.67% for the week.

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