SUNSHINE RecycleFlash Weekly: March 24-28, 2025

March 28, 2025

BofA Raises Gold Price Forecasts for 2025, 2026

Bank of America (BofA) has raised its gold period average forecasts for this year and next, while highlighting that uncertainty arising from US trade policies will continue to lend support to prices in the near-term. BofA now expects gold to trade at $3,063 per ounce (oz) in 2025 and $3,350/oz in 2026, it said in a note on Wednesday. This is an increase from its previous forecasts of $2,750/oz for 2025 and $2,625/oz for 2026. Spot gold is currently trading around $3,024/oz and has gained more than 15% so far this year. This year’s record rally has been steered by economic and geopolitical worries sparked by US President Donald Trump’s trade policies. (Source: Reuters)

Copper Prices Surge to Record High Amid Tariff Anxiety

Copper prices in New York hit a record high on Wednesday after Bloomberg reported that President Donald Trump might impose tariffs on copper imports in the coming weeks. Wall Street had expected tariffs on copper to come later this year. The most actively traded copper futures contract in New York hit $5.374 per pound Wednesday morning before settling at a record $5.24 per pound. Copper prices have soared 30% this year, largely driven by US buyers trying to stockpile the red metal due to anxiety around potential tariffs. Copper prices have outpaced gold, which has gained 16%, and far outpaced the major US stock indexes this year. (Source: CNN Business)

Gold Price Hits Record High as Safe-Haven Flows Continue

Gold and silver prices are solidly higher in early U.S. trading Thursday, with Comex gold futures poking to a new record high of $3,065.50 an ounce. A steady stream of safe-haven demand is keeping the precious metals prices elevated. The low volatility in the gold market, at record-high levels, suggests prices can continue a steady climb. April gold was last up $38.20 at $3,060.70. May silver prices were last up $0.523 at $34.745. (Source: Kitco News)

Goldman Maintains Copper Price Forecasts, Says Tariffs Will Avert US Glut

Goldman Sachs on Wednesday maintained its London Metal Exchange copper price forecasts for the next year, and said it expected the implementation of U.S. tariffs on copper imports to prevent a U.S. stock glut in the third quarter. Goldman forecasts three-, six-, and twelve-month LME copper prices at $9,600, $10,000 and $10,700 per metric ton respectively. The bank flagged a near-term downside risk to prices from a trade policy update due to take effect on April 2. (Source: Reuters)

India’s Hindalco to Invest $5.2 Billion to Expand into New Businesses

Hindalco Industries (HALC.NS), one of India’s largest aluminium and copper producers, said on March 20 it plans to invest 450 billion rupees ($5.21 billion) in its aluminium, copper, and specialty alumina businesses. The investment will be to deliver both upstream and high-precision engineered products, Hindalco said in a filing. The company is on track to surpass 1 million ton of refined copper production, Kumar Mangalam Birla, Chairman of Aditya Birla Group said in an address during a company event. (Source: Reuters)

Toyota Circular Factory Initiative Begins in UK

Toyota Motor Europe (TME) has announced the establishment of Toyota Circular Factory to carefully and systematically process vehicles at the end of their life to maximise the environmental benefits of re-cycling, re-purposing and re-manufacturing. The first operation, located at Toyota Motor Manufacturing UK (TMUK)’s Burnaston plant, will begin activities in the third quarter of this year, and aims to become the centre of excellence for future recycling operations across Europe and worldwide. This initiative will be implemented alongside TMUK Burnaston site’s principal activity of producing Toyota Corolla vehicles. (Source: Toyota Europe Newsroom)

LME Fined for Failing to Hit the Brakes in Nickel Crisis

The venerable 148-year old London Metal Exchange (LME) has just made it into the history books for the wrong reasons by becoming the first British trading exchange to be fined by a regulator. The Financial Conduct Authority’s (FCA) imposition of a 9.2 million pound ($11.9 million) penalty draws a line under the 2022 nickel crisis, which resulted in the eight-day suspension of the LME nickel contract and the controversial decision to cancel trades. (Source: Reuters)

Puma, RE&UP to Advance Circular Textile Solutions for Sustainable Fashion

The initiative will enable the conversion of textile waste into RE&UP’s next-gen recycled cotton fibres and recycled polyester chips says Puma. In an effort to broaden its sustainable practices, Puma plans to introduce RE:FIBRE to the Americas, incorporating RE&UP’s recycled materials into its regional production network. The collaboration between the two entities reflects a shared dedication to fostering sustainable advancements within the textile sector. It also aligns with Puma’s Vision 2030 sustainability objectives, which emphasise circularity. By 2030, Puma has set a goal to incorporate 30% recycled polyester fabric, derived from fibre-to-fibre recycling processes, into its clothing lines, while also sourcing 20% of its cotton fabric from recycled materials by the end of the decade. (Source: Just Style)

GravitHy Secures €60 Million to Propel Green Steel Revolution

Marseille-based GravitHy, a pioneer in low-carbon iron production, has successfully raised €60 million in a funding round aimed at advancing its mission to decarbonize the steel industry. The investment, announced on March 26, 2025, attracted new backers, including the Japan Hydrogen Fund, Marcegaglia, Ecolab, Rio Tinto, and Siemens, alongside additional contributions from existing investors like Engie New Ventures and InnoEnergy. Founded in 2022, GravitHy is at the forefront of developing sustainable solutions for the steel sector, which is responsible for approximately 8% of global carbon emissions. The company plans to produce Direct Reduced Iron (DRI) and Hot Briquetted Iron (HBI) as globally traded commodities, offering steelmakers a pathway to green steel production without requiring heavy investments in hydrogen-based reduction processes. (Source: EU-Startups)

Global Steel Output Falls 3.4% in February, Reports WorldSteel

The World Steel Association (WorldSteel) has announced a 3.4% decline in global crude steel production for February 2025, bringing the total output to 144.7 million tonnes. This drop marks a challenging period for the steel industry amid rising costs and weaker demand. China, the leading steel producer, recorded a 3.3% decline, producing 78.9 million tonnes. Meanwhile, Japan and the European Union saw sharper contractions, with Japan’s output down by 8.5% to 6.4 million tonnes and the EU producing 10.1 million tonnes, a 7.1% drop. The United States also experienced a 7% decline, contributing 6.0 million tonnes to the global figure. In contrast, India bucked the trend with a 6.3% increase, reaching 12.7 million tonnes. Africa also saw growth, recording a 7.6% rise in output to 1.9 million tonnes. However, the Middle East reported a steep 11.5% decline, totaling 3.7 million tonnes. (Source: WorldSteel Association)

Hyundai Steel Unveils US Factory Plan, Shares Skid

South Korea’s Hyundai Steel will invest $5.8 billion along with Hyundai Motor Group to build a steel plant in the U.S. state of Louisiana with an annual capacity of 2.7 million tonnes, the company said in a regulatory filing on Tuesday. Hyundai Steel shares initially jumped more than 5% on the news but reversed early gains to end 7% lower as U.S. President Donald Trump praised the company’s plan. (Source: Reuters)

Nippon Steel: U.S. Steel Deal Will Benefit U.S. Industry

Reuters reported that the president of Nippon Steel said on Monday that the Japanese steelmaker and the U.S. government share a mutual understanding that its planned acquisition of U.S. Steel will strengthen the American steel industry and manufacturing sector. “In my opinion, the U.S. government and we are moving closer to a mutual understanding that our acquisition of U.S. Steel will help strengthen the U.S. steel industry and manufacturing through investment, including equity participation,” Nippon Steel President Tadashi Imai told reporters. (Source: Reuters)

Thousands of Jobs at Risk as British Steel Threatens Closure

British Steel is launching a consultation that could see the closure of its two blast furnaces at Scunthorpe, putting up to 2,700 jobs at risk out of a workforce of 3,500. The company said the blast furnaces were “no longer financially sustainable” due to tough market conditions, the imposition of tariffs and higher environmental costs. The BBC understands British Steel was expecting a £1bn injection of government money to keep the business going, but was offered £500m. The Prime Minister’s official spokesperson said the government had made a “generous offer” to British Steel and it would continue to work with the company and its Chinese owner Jingye to secure its future. (Source: BBC News)

Donald Trump Signs Executive Order on Critical Minerals

President Trump signed an executive order under Title 3, Section 301 of the U.S. Code to expedite domestic mineral production, citing national security threats from foreign dependency. The order mandates federal agencies to submit priority mineral project lists within 10 days, overseen by the National Energy Dominance Council (NEDC). It prioritizes mining on federal lands, leverages the Defense Production Act to establish a dedicated mineral fund, and streamlines regulations to accelerate public-private investment. “Mineral” includes those on the Department of Interior’s list and other materials, including uranium, copper, potash, and gold, as determined by the NEDC chair. (Source: The White House)

Plastics Industry Association and America’s Plastic Makers Applaud Introduction of Recycling Infrastructure Legislation

The Plastics Industry Association (PLASTICS) and America’s Plastic Makers commend U.S. Senator Shelley Moore Capito (R-W.Va.) for her continued leadership and steadfast commitment to recycling innovation through the Strategies to Eliminate Waste and Accelerate Recycling Development (STEWARD) Act. They also applaud U.S. Representatives Mariannette Miller-Meeks (R-IA) and Mikie Sherrill (D-NJ) for introducing the Recycling Infrastructure and Accessibility Act (RIAA), an important component of the broader STEWARD Act framework. Senator Capito’s leadership has been critical in driving investments and advancing sustainable solutions to improve recycling infrastructure and enhance recycling capabilities nationwide. The complementary introduction of the RIAA further supports these efforts by establishing a vital EPA pilot program to significantly expand recycling access, especially in rural and underserved communities. This legislation promotes increased transfer stations, improved curbside recycling services, and strengthened public-private partnerships to streamline recycling processes, reduce costs, and support local job creation. (Source: Plastics Industry Association)

California EV Battery Recycling Bill Reintroduced

A California bill requiring battery suppliers to pay the costs of moving electric vehicle batteries through their lifecycles has been set for an initial committee hearing by the state legislature April 2. State Sen. Ben Allen introduced SB 615 on Feb. 20. It was referred to two committees, on transportation and on environmental quality, on March 5. The latter committee will hold the April 2 hearing. The measure aims “to ensure all vehicle traction batteries are reused, repaired, repurposed, remanufactured, and eventually recycled” and would “require the battery supplier to pay the … actual and reasonable regulatory costs to implement and enforce” the new law, according to a legislative counsel’s digest of the bill. (Source: WasteAdvantage)

Ministers of Industry, Investment Discuss Advancing Egypt’s Iron, Steel Sector

Kamel Al-Wazir, Egypt’s Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, and Hassan El-Khatib, Minister of Investment and Foreign Trade, recently met with Ayman El-Ashry, President of the Cairo Chamber of Commerce and Chairperson of Ashry Steel Group, to discuss strategies for advancing Egypt’s iron and steel industry. The meeting focused on exploring investment opportunities in the iron and steel sector, with particular attention given to production capacities and technological advancements that could attract new investments in the near future. The discussions also emphasized efforts to transition to a green economy, highlighting the integration of renewable energy sources into energy-intensive industries like iron and steel to reduce carbon emissions and meet international and EU environmental standards. (Source: Daily News Egypt )