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

The U.S. Department of Commerce has preliminarily supported a mining company's petition to impose anti-dumping duties on palladium imports from Russia, with a rate close to 133%. The final ruling is expected later this year.

Sibanye Stillwater Ltd. (which owns the Stillwater palladium mine in Montana) submitted a petition to 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 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 a final decision from the two government agencies mentioned above. Sibanye stated that the final decision is expected to be completed by June.

Sibanye CEO Richard Stewart stated in a statement: “The dumping of palladium by Russia has put U.S. platinum group metals (PGM) producers and their employees at a substantial competitive disadvantage. Enforcing U.S. trade laws will allow our PGM business in the U.S. to compete in a fairer environment against other regions with looser regulations.”

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

The company stated in its petition that the Russian government provides various forms of financial support to its palladium mining companies, including subsidies, preferential loans, and relatively lenient environmental regulations.

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

On Friday, spot palladium prices rose along with other precious metals, following a significant sell-off the previous trading day. Spot palladium rose 4.53% to $1,696.15 per ounce, down 0.67% for the week.

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