SUNSHINE RecycleFlash Weekly: March 10-14, 2025

March 14, 2025

LME Copper Can Reach $10,000 Before Tariffs Bite, Citigroup Says

Copper will hit $10,000 a ton in London during the coming three months, according to Citigroup Inc., which said the global market will remain tight until the timeline for US import tariffs becomes clearer. The metal climbed in recent weeks after President Donald Trump ordered a probe into copper imports, sparking a rally in US prices and a rush to ship metal there ahead of any levies. The global benchmark price set on the London Metal Exchange closed at $9,770 a ton Wednesday, while futures in New York already are trading comfortably above $10,000 a ton. (Bloomberg)

Gold Scales Record High, Sprints Towards $3,000 Milestone

Gold prices raced to a record high within touching distance of the key milestone of $3,000 per ounce on Thursday, with momentum driven by elevated tariff uncertainty and bets on monetary policy easing by the U.S. Federal Reserve. Spot gold climbed 1.6% to $2,979.76 an ounce, as of 13:55 ET (1755 GMT), after hitting its twelfth record peak this year earlier in the session. (Reuters)

Gold Touches New Record as Latest Wall Street Prediction Sees Prices Reaching $3,500

As gold races to new records, Wall Street analysts have rushed to raise their price targets, with the latest call from Macquarie Group predicting the precious metal will touch $3,500 in the third quarter. On Thursday, gold futures (GC=F) climbed above $2,990 per ounce as a trade war intensified and the release of modest inflation data raised questions about whether the Federal Reserve may be more inclined to cut rates this year. (Yahoo Finance)

U.S. Aluminium, Steel Prices Hover near Peaks as Tariffs Kick In

The cost of aluminium and steel in the United States hovered near recent peaks on Wednesday after U.S. tariffs of 25% took effect and sparked retaliation from Canada and Europe. Traders have been ratcheting up U.S. prices of the widely used industrial metals since U.S. President Donald Trump took office after a campaign vowing a wide range of duties. Trump aims to protect American steel and aluminium producers by restoring effective tariffs of 25% on all imports of the metals and extending duties to hundreds of downstream products. U.S. metals prices spiked on Tuesday when tempers flared between U.S. and Canadian officials. Trump vowed to double tariffs on its northern neighbour to 50% after Ontario province retaliated by slapping duties on electricity exports to the U.S. Both sides later retreated, withdrawing the 50% metals duties and electricity duties, leading to some prices paring their gains. The U.S. Midwest duty-paid aluminium premium for physical metal soared to a record of 45 U.S. cents per lb on Tuesday, or more than $990 a metric ton, a jump of nearly 20% from the previous session. It later pulled back to close at 41 cents. It has climbed more than 70% since the start of 2025. (Reuters)

Pacific Steel Group Breaks Ground on California’s First Steel Mill in Over 50 Years

In a significant step for California’s industrial sector, Pacific Steel Group, based in San Diego, has officially broken ground on a new recycled-content electric arc furnace (EAF) steel mill in Mojave, California. The groundbreaking ceremony, held earlier this month, marks the beginning of a $600 million project that is set to reshape the state’s steel production landscape. The facility will span 500,000 square feet and is expected to be the first new steel production mill built in California in over fifty years. (Pacific Steel Group)

ArcelorMittal to Temporarily Halt Part of Production at Its Two Main French Plants

ArcelorMittal on Monday announced a more than 270 million euro ($275.4 million) maintenance programme that would include the halt of some activities at its plants in Dunkirk and Fos-sur-Mer, France, for several months. From April 15, the world’s second-largest steelmaker will shut down operations for 90 days at its main blast furnace in Dunkirk, the largest in Europe, where it has already delayed planned green investments. (Reuters)

BHP Earns Right to Take 75% Stake in Cobre’s Botswana Projects

BHP has taken a right to acquire a 75% stake in Australia’s Cobre’s Kitlanya projects in Botswana in exchange for $25 million in funding for exploration activities, the copper explorer said on Monday. The deal follows Cobre’s selection in BHP’s Xplor program in January last year in which the smaller rival received $500,000 to accelerate exploration plans in its Kalahari copper projects in the African nation. (Reuters)

CERAWEEK Freeport-McMoRan Hopes Trump Declares Copper A Critical Mineral

Freeport-McMoRan (FCX.N) hopes U.S. President Donald Trump declares copper a critical mineral, a move that would unlock tax credits needed to boost American production of the red metal and offset global rivals, CEO Kathleen Quirk said on Monday. Trump told the U.S. Congress last week he would “take historic action to dramatically expand production of critical minerals,” although he has yet to provide details. Copper is used widely across the global economy in power generation, electronics and construction. (Reuters)

Call2Recycle Canada Applauds EVSX’s Expansion of Battery Recycling Facility in Ontario

Call2Recycle Canada is excited to support the expansion of battery recycling capabilities in Ontario by EVSX Corporation (“EVSX”). EVSX, a wholly-owned subsidiary of St-Georges Eco-Mining Corp., has announced the installation of a new multi-chemistry line in its Thorold facility, now approved to process additional battery chemistries, including lithium-ion. Call2Recycle has been focused on building Ontario’s recycling infrastructure to ensure safe and local battery recycling and reduce transportation carbon emissions. Call2Recycle and EVSX signed an agreement to increase battery supply volumes over the next year to bring the processing line to full capacity. (Call2Recycle)

Orano and Navoiyuran Sign an Agreement Paving the Way for the Industrial Development of the South Djengeldi Uranium Deposit in Uzbekistan

Orano and Navoiyuran announce an agreement laying the foundations for the industrial development of the South Djengeldi uranium mining project of their joint venture Nurlikum Mining. According to the terms of the agreement, the South Djengeldi project will be integrated into the existing industrial base of Navoiyuran that will be the project’s operator. The agreement also marks the entry of a new partner from Japan, ITOCHU Corporation acquiring a minority stake in the joint venture. This new partnership consolidates recent developments in the joint venture and reflects all parties’ determination to pursue the development of the operation of the South Djengeldi mining project. Based on its resources which have been certified to date, the South Djengeldi project should sustain production over a decade, with a peak at 700 metric tons of uranium per year. (Businesswire)

CERAWEEK Argentina Has 11 Large Energy and Mining Projects in Planning, Econ Vice Minister Says

At least 11 large projects in the energy and mining sector are being planned in Argentina following economic reforms by President Javier Milei’s administration that aims to increase production and revenue from exports of key commodities, the country’s economy vice minister and head of energy said on Tuesday. Argentina can reach $13 billion in annual exports of minerals, including silver, gold and lithium if the projects move forward, from about $4 billion in current exports, Daniel Gonzalez said at the CERAWeek conference in Houston. (Reuters)

Pacific Steel Group Selects Danieli for New Micro Mill

Pacific Steel Group announced that it has awarded a contract to Danieli to provide a state-of-the-art MIDA Hybrid micro mill for their steel mill project in Mojave, CA. Danieli has decades of industry experience and is the industry leader in continuous feed micro mill technology. The MIDA Hybrid micro mill will have the capability to directly connect to renewable energy sources leveraging an abundance of renewable energy available in California. The new facility will help lower CO2 emissions through world-class efficiency, reduced transportation, and green energy. To be constructed at a net investment of approximately $350 million, the new micro mill is expected to begin commissioning in Late 2026, employing roughly 400 people, and achieving an estimated nominal annual capacity of 380,000 tons. (Pacific Steel Group)

Saica Group Invests $110 Million into U.S. Plant for Corrugated Packaging

Saica Group plans to invest over $110 million (€100,826,317.46) into a new corrugated manufacturing facility in the United States and produce over 1,200,000 MSF of corrugated packaging from 2026. As the company’s second plant in the United States, the state-of-the-art factory will be located in Anderson, Indiana. It is set to be almost 350,000 square feet in size and encompass the manufacturing, converting, and production areas, as well as warehouse and office space. Paper rolls are set to be delivered via a connected railroad in a move anticipated to lower shipping costs. The plant will also serve as a backup for clients of Saica’s first corrugated packaging plant in Hamilton, Ohio. Construction is scheduled to begin in May 2025, with the factory expected to open in Q4 2026. The facility is expected to pay over 50 full-time jobs within its first two years of operation and over 100 once the ramp-up phase is complete. (Packaging Europe)

Novelis Unveils Industry’s First Aluminium Coil Made from 100% Recycled End-of-Life Automotive Scrap

Novelis Inc. announces the production of the world’s first-ever aluminium coil made entirely from 100% recycled, end-of-life automotive scrap. Developed and produced for the European automotive market, this breakthrough marks a significant step toward greater circularity and sustainability in the automotive industry. This innovative pilot material is suitable for car body outer skin applications, meeting the highest requirements for surface quality and formability. This achievement is the result of the company’s ongoing journey to constantly increase the amount of recycled content in its products in collaboration with industry partners and automakers. The aluminium scrap for the 100% recycled automotive aluminium coil was sourced through the Automotive Circularity Platform (ACP), which was initiated together with thyssenkrupp Materials Services, one of the world’s leading mill-independent materials distribution and supply chain service providers. (Novelis)

Trump Rules out Exempting Australia from Steel and Aluminum Tariffs

Australia has failed to secure an exemption from US steel and aluminum tariffs despite an extensive lobbying campaign by Prime Minister Anthony Albanese’s government, in a blow to ties between the longtime allies. White House spokesman Kush Desai confirmed in a statement that the planned levies would come into effect from midnight on Wednesday, with no exemptions for any US trading partners. (Yahoo Finance)

Trump Backtracks on Canada, Says 25% Metal Tariffs Taking Effect

The White House said 25% tariffs on steel and aluminum would take effect on Canada and other nations, as President Donald Trump backed off a threat to impose 50% duties on the largest US trading partner’s metals. “Pursuant to his previous executive orders, a 25% tariff on steel and aluminum with no exceptions or exemptions will go into effect for Canada and all of our other trading partners at midnight, March 12th,” White House spokesperson Kush Desai said in a statement. Trump earlier Tuesday had suggested he would double the metal tariffs for Canada in retaliation for Ontario imposing a 25% surcharge on electricity sent to US states. That threat launched a market slide, intensifying weeks of volatility, and ramping up the cloud of uncertainty hanging over major North American industries. (Bloomberg)

Trump Threatens Further Tariffs as EU, Canada Retaliate for Those Already in Place

Donald Trump threatened on Wednesday to escalate a global trade war with further tariffs on European Union goods, as major U.S. trading partners said they would retaliate for trade barriers already erected by the U.S. president. Just hours after Trump’s 25% duties on all U.S. steel and aluminum imports took effect, Trump said he would impose additional penalties if the EU follows through with its plan to enact counter tariffs on some U.S. goods next month. “Whatever they charge us, we’re charging them,” Trump told reporters at the White House. (Reuters)

Canada Initiates WTO Dispute Complaint Regarding U.S. Steel and Aluminium Duties

Canada has requested WTO dispute consultations with the United States regarding the imposition by the United States of import duties on certain steel and aluminium products from Canada. The request was circulated to WTO members on 13 March. Canada claims that the measures, which terminate Canada’s exemption from additional duties on certain steel and aluminium products and increase duties on aluminium articles, and which took effect on 12 March, are inconsistent with US obligations under the General Agreement on Tariffs and Trade (GATT) 1994. (World Trade Organization)