It was a quiet day for fresh, independently verifiable PGM news. Palladium gained and platinum held broadly steady in Wednesday trading, while the sector's most significant verified developments remain the ones already reported earlier this week: Sibanye-Stillwater's strike-related US output cut and Nornickel's flagged furnace overhaul.
Top stories#
Palladium outpaces platinum on Wednesday#
Palladium traded at $1,055.50 per troy ounce, up 2.08% on the day, while platinum traded at $1,545.55 per troy ounce, up 0.28%, according to mining.com's live markets data on 11 November 2026.
The wider gain in palladium than platinum continues a pattern in which palladium has moved more sharply than platinum in recent sessions. Readers can track both metals on our platinum price page and palladium price page.
This followed a week in which Sibanye-Stillwater, on 5 November, cut its 2026 US platinum group metals production forecast by as much as 15% to between 245,000 and 255,000 ounces after a five-week strike at its Stillwater mine and Columbus complex in Montana, even as group adjusted EBITDA still rose 9% year-on-year to 10.8 billion rand ($661.4 million) on higher metal prices, a story already covered by DailyPlatinum.
Separately, Russia's Nornickel said on 26 October that a planned overhaul of a flash-smelting unit at its Nadezhda Plant may reduce output of its key metals, including palladium, in 2027 and possibly 2028, while it reaffirmed 2026 guidance of 2.415 million to 2.465 million ounces of palladium.
Prices and market context#
Today's price levels, dated 11 November 2026 on mining.com's markets terminal, sit against a backdrop of tighter near-term US PGM supply following Sibanye's strike-related guidance cut and a flagged, longer-dated risk to Russian palladium output from Nornickel's 2027-2028 plant overhaul.
Neither company's disclosures point to an immediate change in 2026 supply beyond what each has already guided. For background on these producers, see our Sibanye-Stillwater production tracker and Nornickel production tracker.
What to watch#
Nornickel's nine-month overhaul of its Nadezhda flash-smelting unit is due to begin in 2027 and will be watched for any earlier-than-expected effect on palladium output. Sibanye-Stillwater's next operational update, which will show progress rebuilding its US workforce at Stillwater and East Boulder after the strike, is expected in the new year.
Heraeus's next annual Precious Forecast, which has previously been published on a November cadence, is expected around November 2026 and will be watched for an updated 2027 palladium and platinum outlook.
Sources: MINING.COM, "Sibanye cuts US output forecast after five-week strike" (https://www.mining.com/sibanye-cuts-us-output-forecast-after-five-week-strike/); MINING.COM, "Nornickel says furnace overhaul may cut 2027-28 metals output, keeps 2026 forecast" (https://www.mining.com/web/nornickel-says-furnace-overhaul-may-cut-2027-28-metals-output-keeps-2026-forecast/)