It was a week shaped by the resolution of Sibanye-Stillwater's Montana strike and a steep pullback in platinum from January's record high. The miner reached a new wage deal with its US workforce, but its chief executive flagged a slow recovery ahead, while platinum ended the week far below where it traded earlier this year and palladium stayed subdued.
The week's top stories#
Sibanye-Stillwater settles Montana strike, flags a slow recovery#
Sibanye-Stillwater and the United Steelworkers reached a new three-year labor agreement on October 7, bringing an end to a strike at the Stillwater East mine and Columbus metallurgical facility in Montana that had run since September 3, according to MiningMX. The deal, effective retroactively from July, includes a 4.5% wage increase in its first year, with further raises in years two and three tied to the greater of a fixed percentage or inflation. Speaking at the Joburg Indaba conference, CEO Richard Stewart said the operation faces "a period of needing to settle down after this and rebuild our momentum." Stillwater produced 137,930 ounces of PGMs in the first half of 2026, down 2% year on year, at an all-in sustaining cost of $1,347 per 2E ounce, 12% higher than the prior year and still above the company's long-term target of $1,000/oz. Stewart linked the new agreement to plans for mechanization aimed at bringing costs down. More on the mine's output is available on DailyPlatinum's Sibanye-Stillwater production page.
Analysts diverge on Sibanye-Stillwater's outlook#
Sibanye Stillwater shares opened lower on Wednesday, October 7, after Zacks Research cut its rating on the stock to strong sell from hold; shares had closed the prior session at $10.01 and opened at $9.43, according to Daily Political. The same report noted that Royal Bank of Canada had earlier cut its price target on the stock to $15.00 from $16.50 in a note dated September 16, while keeping an "outperform" rating. The split views illustrate how investors are weighing the resolved US labor dispute against the company's broader cost pressures. Background on the stock is available on DailyPlatinum's platinum stocks page.
Platinum closes the week 42% below January's record#
Platinum ended New York spot trading at $1,685.00 per troy ounce at 5:00 p.m. ET on Friday, October 9, up $50.00, or 3.06%, on the day, according to Kitco. That level is roughly 42% below platinum's record high of $2,923/oz reached on January 26, 2026, per WPIC. Earlier in the week, platinum had traded as low as $1,618.54/oz on Wednesday, October 7, according to metalcharts.org, before recovering into Friday's close. The slide follows WPIC's Platinum Quarterly for Q2 2026, published September 9, which revised its 2026 outlook from a 297 koz deficit to a 265 koz surplus and put above-ground stocks at roughly 3.4 months of demand by year-end. For current pricing, see DailyPlatinum's platinum price page and platinum price chart.
Prices over the week#
Platinum closed at $1,685.00/oz on the New York spot market as of 5:00 p.m. ET Friday, October 9, according to Kitco. Palladium closed the same session at $1,132.00/oz, up $22.00, or 1.98%, on the day, per the same source. Both metals showed intraday swings during the week, with platinum touching $1,618.54/oz on Wednesday before rebounding into the Friday close. For historical context, see DailyPlatinum's palladium price page and palladium price chart.
What to watch next week#
Markets will watch for signs of how quickly Stillwater's production recovers following the settlement, and whether Sibanye-Stillwater provides further guidance on costs and mechanization plans. Analyst commentary on the stock, following this week's mixed signals from Zacks and RBC Capital, will also be worth tracking. More broadly, investors will be watching whether platinum stabilizes near current levels or extends its slide following WPIC's revised 2026 surplus forecast. For ongoing market context, see DailyPlatinum's PGM market page.
Sources:
- MiningMX, "Sibanye-Stillwater warns US mine needs time to rebuild," http://www.miningmx.com/news/2026-10-07-sibanye-stillwater-warns-us-mine-needs-time-to-rebuild/
- Daily Political, "Sibanye Gold (NYSE:SBSW) Shares Gap Down on Analyst Downgrade," https://www.dailypolitical.com/2026/10/09/sibanye-gold-nysesbsw-shares-gap-down-on-analyst-downgrade.html
- Kitco, Precious Metals Spot Prices, http://www.kitco.com/price/precious-metals
- metalcharts.org, Platinum Price Today, https://metalcharts.org/platinum-price