Key transactions & industry news Weekly Update 07/25/2025

Metals & Mining

Gold drops as dollar firms, trade deal hopes sap safe-haven demand. Gold prices slipped recently, weighed down by a stronger U.S. dollar and signs of progress in U.S.-EU trade negotiations that dented safe-haven demand. Spot gold fell 0.7% at $3,343.69 per ounce. U.S. gold futures fell 0.8% to $3,345.20.

GACC: China’s H1 aluminum scrap imports up 7% YoY. China’s imports of aluminum scrap during January-June this year totaled 1.012 million tons, higher by 6.9 per cent compared with the same period last year, according to the latest data released by the country’s General Administration and Customs (GACC).

Alongside aluminum, Rio Tinto strengthens lithium project for EV; inks a deal with ENAMI. Global mining giant Rio Tinto has signed a binding agreement with Chile’s state-owned mining company, ENAMI, to jointly develop the promising Salares Altoandinos lithium project in the Atacama region, with a $425M contribution.

Century Aluminum finalizes $400M private note offering. Century Aluminum Company, a prominent US producer of primary aluminum, states that the private placement of $400M of 6.875% senior secured notes due August 2032 has closed, solidifying the company’s capital structure and extending debt maturity. The offering is viewed as a compelling opportunity to solidify the company’s capital structure given current market conditions.

GACC: China’s H1 alumina exports surge 66% YoY. China’s exports of alumina including metallurgical-grade totaled 170,981 tons in June, down by 17.7% from May but up by 8.9% from the same month in 2024. The June figure brought China’s total alumina exports over the first half of 2025 to 1.34 million tons, representing a sharp 65.7% increase from the January-June period last year.

Transportation & Logistics

Union Pacific and Norfolk Southern discussing possible merger. Union Pacific Corporation (NYSE:UNP) and Norfolk Southern Corporation (NYSE:NSC) are engaged in advanced discussions regarding a potential business combination.

NATO warns ports vulnerable to ‘unprecedented’ cyber threats. A new report from NATO’s Cooperative Cyber Defense Centre of Excellence (CCDCOE) warns that global ports are vulnerable in the wake of escalating cyber threats. The policy brief highlights that ports, which handle approximately 80% of international trade, “face unprecedented cybersecurity threats from state-linked actors” from Russia, Iran, and China.

U.S. freight-rail traffic climbs 5.6% in Week 29. U.S. freight-rail traffic rose 5.6% to 506,882 carloads and intermodal units in the week ending July 19 compared with the same week in 2024, according to Association of American Railroads data. The railroads hauled 229,739 carloads in the week, a 7.3% increase, and 277,143 containers and trailers, a 4.3% increase.

Trans-Pacific shippers’ turn to pause as box rates end slide. Market average spot rates for container shipping on July 18 for the Far East to U.S. West Coast route stood at $2,313 per forty foot equivalent unit (FEU), while the rate to the U.S. East Coast is higher at $4,314 per FEU. West Coast prices have seen no change as of mid-July, halting a steep decline amounting to 28%. The U.S. East Coast rates have similarly seen a decline, dropping 7% since July 14, and a 26% fall since the end of June. Overall, the drop to the West Coast stands at 58% since peaking on June 1, whereas the rates into the East Coast decreased by 35% over the same timeframe.

Energy

OPEC+ panel likely to keep oil policy steady, sources say. An OPEC+ panel is unlikely to alter existing plans to raise oil output, four OPEC+ delegates said, noting the producer group is keen to recover market share while summer demand is helping to absorb the extra barrels.

Oil gains as trade optimism outweighs Venezuelan supply boost. Oil prices rise as trade-talk optimism appears to offset expectations of higher Venezuelan supply. In early trade, Brent crude is up 0.7% to $68.82 a barrel, while WTI is up 0.8% to $66.54 a barrel.

Over $6.7 billion in U.S. clean energy projects cancelled in June. Over $22 billion in clean energy projects, including installations, manufacturing facilities, and more, have been cancelled in the first half of 2025, including over $6.7B in June alone, said the Clean Economy Tracker and E2.

U.S. crude oil stockpiles fall more than expected. U.S. crude oil inventories posted a second large weekly withdrawal as domestic production and imports fell while exports picked up, according to data released by the U.S. Energy Information Administration. Commercial crude oil stocks excluding the Strategic Petroleum Reserve declined by 3.2 million barrels to 419 million barrels in the week ended July 18, and were about 9% below the five-year average for the time of year, the EIA said.

Others

F.C.C. approves Skydance’s $8 billion merger with Paramount. The Federal Communications Commission said that it would allow Paramount to merge with the Hollywood studio Skydance, clearing the way for one of the most highly scrutinized media deals in the last decade. Brendan Carr, the chairman of the F.C.C., said that the agency had approved the deal after receiving assurances from Skydance that the new company would be committed to unbiased journalism and would not establish programs related to diversity, equity and inclusion.

U.S. and Japan reach trade deal. The U.S. and Japan have reached a trade agreement, President Trump wrote in a social-media post, saying he would set his so-called reciprocal tariffs at 15% for the country. Under the deal, Japan will invest $550 billion in the U.S., Trump said in his post on Truth Social. The U.S. will receive 90% of the profits from the investments, he added, without providing further details. Japan will also open to trade, Trump said, listing goods including cars and trucks, rice and other agricultural products.

White House releases U.S.-Indonesia trade deal framework, final talks underway. The U.S. and Indonesia agreed to the framework of a trade agreement which would see Jakarta scrap most of its tariffs on American imports, the White House revealed in a joint statement. U.S. tariffs on Indonesian imports would be set at 19% under the deal, which is described in the release as an “Agreement on Reciprocal Trade.”

Perplexity AI valued at $18 billion after new $100M raise. AI startup Perplexity AI has raised $100M in new funding, pushing its valuation to $18B, Bloomberg has reported. The deal reflects growing investor interest in AI tools amid the continued rise of chatbots and AI-powered search agents.