South African miner Sibanye Stillwater expects short-term volatility in platinum prices but does not foresee a return to the “unsustainably low” levels seen about a year ago, CEO Richard Stewart said. The company cited ongoing supply deficits that have underpinned prices despite longer-term industry challenges, Reuters reported.
Platinum and palladium, largely used in autocatalysts to reduce vehicle emissions, rallied sharply in 2025 amid tight supply. Spot platinum, which rose roughly 127% last year to a record $2,918.80 per ounce in January 2026, has eased slightly this year but remains well above prior lows, reflecting sustained market support, according to MarketScreener.
Speaking at the Africa Mining Indaba, Stewart emphasised that the industry has likely established a new, higher price floor. “I think the prices will remain volatile,” he said. “But I don’t think they’re going to go back to the low base that we had a year ago. That was too low. It was unsustainable.”
Sibanye is also considering the timing for restarting its Stillwater West mine in the United States, which has been under care and maintenance since 2024. The company is taking a long-term view of palladium market fundamentals, including the impact of a pending U.S. tariff review on Russian palladium imports, which could influence supply dynamics and future pricing, CNBC Africa noted.
Image Credit: Reuters.com
