It was a week in which price strength and operating weakness pulled in opposite directions for South Africa's biggest PGM producers, while palladium staged one of its sharpest rebounds of the year after touching a 16-month low.
Eastern Platinum's small Crocodile River operation posted a wider quarterly loss, a reminder that margins remain thin even as benchmark prices firm.
The week's top stories#
Sibanye-Stillwater's US strike forces a 2026 output cut even as group earnings rise#
Sibanye-Stillwater's operating update for the third quarter, published 5 November 2026, showed group adjusted Ebitda up 9% year-on-year to R10.8 billion ($662 million), driven by higher commodity prices and improved South African PGM and gold operations, Bizcommunity reported.
The US picture was different: US PGM production fell 19% to 59,417 ounces after a five-week strike disrupted the Stillwater mine and metallurgical complex, and the company cut 2026 US PGM production guidance to 245,000-255,000 ounces from a prior 280,000-300,000, Mining.com and Finimize reported. The strike ended 7 October, Finimize said.
Even with lower US volumes, pricing helped: US PGM Ebitda rose 9% to $36 million on a 19% increase in the two-element (2E) basket price to $1,411/2E oz, per figures cited by IndexBox.
In South Africa, PGM division Ebitda rose 16% to R5.8 billion on a 15% higher average basket price of 37,200 rand per ounce, qncnews reported.
CEO Richard Stewart said the group continued delivering "encouraging safety improvements, consistent operating results and a significantly stronger financial position."
Sibanye-Stillwater is the only primary palladium producer in the US, so a strike-driven output cut there tightens an already volatile corner of global supply even as South African operations outperform. See our Sibanye-Stillwater production tracker and palladium price page.
Eastern Platinum's quarterly loss widens as Crocodile River tonnages disappoint#
Eastern Platinum (TSX:ELR, JSE:EPS) filed third-quarter results on 13 November 2026. Net loss attributable to equity shareholders widened to $2.8 million ($0.01/share) from $2.2 million ($0.01/share) a year earlier, as sales eased and production costs rose.
Quarterly revenue was $13.5 million, down from $13.7 million, while PGM output fell to 5,241 ounces (6E) from 6,183 ounces. Working capital deficit widened to $71.4 million from $56.9 million at the end of 2025.
Interim CEO Charlie Liu said: "We had a challenging third quarter as monthly run-of-mine processing tonnages at the Crocodile River Mine were lower than targeted," adding that underground hoisting capacity had since improved.
Most Eastplats revenue flows through a PGM concentrate offtake with Impala Platinum. The result shows smaller South African PGM producers remain exposed to grade and tonnage volatility even in a firmer price environment. Related: Impala Platinum production profile.
Palladium claws back from a 16-month low toward $1,000#
Palladium had one of its most volatile weeks of the year. The metal fell to about $922/oz on Wednesday, 4 November, its lowest level in 16 months, a Yahoo Finance market analysis said.
It then rebounded sharply: IG.com reported palladium rose around 6% on Wednesday, 11 November, to approximately $1,087 per troy ounce, taking its gain since 4 November to roughly 16%.
The advance held into the week's end: a Price Futures Group markets note published 13 November said December palladium futures were up $21.50 at $1,013, "holding near a three-week high around the $1,000 mark" after the earlier slide to a 16-month low.
The note linked the rebound partly to a planned overhaul at a Nornickel plant that could run into 2028, and to the week's cut to Sibanye-Stillwater's US output guidance.
A palladium price still well below platinum continues to shape catalyst-metal substitution decisions for buyers and recyclers. See our palladium spot price page and PGMs in autocatalysts explainer.
Prices over the week#
Markets are closed for the weekend, so no Friday-to-Monday move can be reported, but the week's price direction is clear from the figures above.
Palladium traded as low as about $922/oz on Wednesday, 4 November, before climbing to roughly $1,087/oz intraday on Wednesday, 11 November, and holding near $1,013/oz on the December NYMEX contract as of Friday, 13 November, per Yahoo Finance, IG.com and Price Futures Group.
Sibanye-Stillwater reported a 15% increase in its South African PGM basket price to 37,200 rand per ounce and a 19% increase in its US 2E basket price to $1,411/2E oz for the quarter to 30 September, both signs of firmer PGM pricing even where output lagged. For live, dated quotes, see our platinum price page and palladium price page.
What to watch next week#
- Whether Sibanye-Stillwater's Stillwater mine and Columbus metallurgical complex can rebuild output toward the narrowed 245,000-255,000 oz 2026 US PGM guidance issued 5 November.
- Whether palladium's rebound can clear the technical resistance IG.com flagged on 11 November, including the metal's falling 100-day moving average.
- Any update on the Nornickel plant overhaul that could extend into 2028 and affect global palladium supply, per this week's Price Futures Group note.
Sources: Bizcommunity and IndexBox (Sibanye-Stillwater Q3 2026 results), Mining.com, Finimize and qncnews (Sibanye-Stillwater US guidance cut), PR Newswire via TradingView (Eastern Platinum Q3 2026 results), Yahoo Finance, IG.com and Price Futures Group (palladium prices).