This week in PGMs was dominated by Sibanye-Stillwater, which disclosed a double-digit cut to its 2026 US platinum and palladium output guidance after a five-week strike, in a quarterly update that also showed group earnings still rose on firmer commodity prices.
Spot platinum and palladium trade around the clock on weekdays but were shut from Friday evening through Sunday evening New York time, with trading due to resume later today.
The week's top stories#
Sibanye-Stillwater cuts 2026 US PGM output guidance by up to 15% after five-week strike#
In its third-quarter operating update released 5 November 2026, Sibanye-Stillwater said labour attrition during wage negotiations has left staffing at its US PGM operations running about 25% short of the level it had planned for next year's mechanized workforce, and that the fourth quarter will be spent rebuilding work teams and restoring output.
The company revised its 2026 production guidance for the palladium-dominated US PGM operations to 245,000-255,000 2E ounces, down from a prior guidance range of 280,000-300,000 2E ounces, a cut of as much as 15% at the top end of the range, and raised its cost guidance to an all-in sustaining cost of $1,700-$1,760/2Eoz from $1,520-$1,580/2Eoz.
The filing confirmed that US PGM production fell 19% year-on-year to 59,417 2E ounces in the September quarter, which Mining.com reported was largely due to the strike, which ended Oct. 7.
Group EBITDA rises 9% despite the US disruption#
The same operating update showed Group adjusted EBITDA increased 9% year-on-year to R10.8 billion (US$662 million), supported by higher commodity prices.
According to Bizcommunity's coverage of the release, chief executive Richard Stewart attributed the improvement to stronger commodity prices and steady performance across the South African PGM, gold, recycling and Century zinc retreatment operations, and the company said the Group remains on track to meet its annual operating guidance apart from the US PGM unit.
South African PGM output falls on planned mine changes, not disruption#
Unlike the US strike, the quarter's weaker South African output reflected planned changes rather than a one-off disruption. The operating update attributed a 10% year-on-year decline in South African PGM production, to 458,202 4E ounces, mainly to lower surface production and declining output at the Kroondal operation near Rustenburg.
Earnings there still improved: adjusted EBITDA for the segment rose 16% year-on-year to R5.8 billion ($354 million), which the company linked to steady 4E sales volumes and a 15% increase in the average basket price, to R37,250/4Eoz ($2,288/4Eoz).
The quarter illustrates how price gains, not volume, are currently driving PGM producer earnings even as output softens.
Prices over the week#
Platinum and palladium trade around the clock on weekdays and were shut from Friday evening to Sunday evening New York time, so there was no weekend price movement to report.
As quoted by Kitco following Friday's close on 6 November 2026, spot platinum stood at $1,534.00/oz, spot palladium at $1,004.00/oz and spot rhodium at $8,650.00/oz. Readers can track live and historical levels on DailyPlatinum's platinum price and palladium price pages, with longer-run context on the platinum price chart page.
Sibanye-Stillwater's own numbers show how much basket pricing mattered this quarter: the 15% year-on-year rise in the South African 4E basket price to $2,288/4Eoz was the main driver of the segment's 16% EBITDA increase even as production fell.
On the US side, the 2E basket price averaged $1,411/2Eoz in the September quarter, down from $1,524/2Eoz in the second quarter but up from $1,184/2Eoz a year earlier.
What to watch next week#
- Sibanye-Stillwater's progress through the fourth quarter in rebuilding its US workforce toward the staffing level it had planned for next year's mechanized operations.
- Whether the revised 2026 US PGM guidance of 245,000-255,000 2E ounces holds as the company works to restore operational momentum.
- Sibanye-Stillwater's decision, expected this quarter and dependent on lithium market conditions, on whether to proceed with full refinery commissioning at its Keliber lithium project in Finland.
For background on the producers behind these numbers, see DailyPlatinum's page on Sibanye-Stillwater's production profile, and on how PGM demand is used downstream, see PGMs in autocatalysts.
Sources:
- Sibanye-Stillwater, Q3 2026 operating update (SEC Form 6-K, 5 November 2026), https://www.sec.gov/Archives/edgar/data/0001786909/000162828026070527/form6-kq3.htm
- Mining.com, "Sibanye cuts US output forecast after five-week strike", https://www.mining.com/sibanye-cuts-us-output-forecast-after-five-week-strike/
- Bizcommunity, "Sibanye Stillwater Limited Q3 results keeps Group on track", https://www.bizcommunity.com/article/sibanye-stillwater-limited-q3-results-keeps-group-on-track-306318a
- Kitco, precious metals spot prices, https://www.kitco.com/price/precious-metals