Key transactions & industry news Weekly Update 10/31/2025

Metals & Mining

Trump-Xi meeting: U.S. president says rare earths deal and tariff cut agreed. Donald Trump has described crucial trade talks with the Chinese president in South Korea as “amazing”, saying their dispute over the supply of rare earths had been settled and that he would visit China in April.

Mali revokes over 90 mining exploration permits for noncompliance. Mali has revoked more than 90 mining exploration permits, including those held by subsidiaries of international mining companies. Companies affected include local subsidiaries of Harmony Gold, IAMGOLD, Cora Gold, Birimian Gold, and Resolute Mining.

Century Aluminium’s Jamalco refinery resumes operations after Hurricane Melissa. Century Aluminium’s Jamalco joint venture in Clarendon, Jamaica, has moved back into normal operations after a controlled suspension due to Hurricane Melissa.

U.S. shutdown halts Hindalco’s AluChem acquisition. The U.S. federal government shutdown that started on October 1, 2025, has stalled the review deadline of Hindalco Industries Ltd’s $125M acquisition of alumina firm AluChem Companies Inc.

U.S., Japan leaders ink rare earths, nuclear power tie-ups ahead of Trump-Xi meet this week. U.S. President Donald Trump and Japanese Prime Minister Sanae Takaichi signed a framework agreement for securing the supply of rare earths used in everything from cars to fighter jets.

L&T strengthens aluminum footprint with major Hindalco orders in Odisha. Larsen & Toubro’s (L&T) Minerals & Metals (M&M) business has bagged multiple large contracts in India, strengthening its foothold across the aluminum and steel industries. The company has received an order from Hindalco Industries to set up a 180 KTPA aluminum smelter along with a Gas Treatment Centre for its upcoming greenfield project in Odisha.

Steel Dynamics launches lower-embodied-carbon steel products BIOEDGE™ and EDGE™. Steel Dynamics, Inc. (NASDAQ/GS:STLD) announced lower-embodied-carbon steel product offerings, BIOEDGE™ and EDGE™, to support customers in achieving their greenhouse gas emissions reduction and sustainability initiatives.

Alcoa invests $60M in U.S. aluminum smelter & signs 10-year energy pact at the same time. Alcoa Corporation has recently announced two significant developments for its Massena Operations in New York. One is the new 10-year energy pact with New York Power Authority (NYPA), and the other is an investment of $60M, a grant from Empire State Development (ESD) in the facility’s anode baking furnace.

Transportation & Logistics

CPKC, CN join BNSF in amping up opposition to UP-NS combo. Two additional Class Is have joined BNSF Railway in voicing opposition to Union Pacific Railroad’s proposed acquisition of Norfolk Southern Railway.

Alabama Port, APM advance $131M berth construction. The Alabama Port Authority and APM Terminals Mobile announced an agreement to proceed with the planned construction of a new 1,300-foot container berth at the Port of Mobile. The $131M project will expand capacity at Mobile’s existing container terminal by 50%.

29 truck carrier files Chapter 11. VIB Trans, Inc., an Illinois-based trucking carrier operating a fleet of 29 trucks, has filed for Chapter 11 bankruptcy protection amid the Great Freight Recession, the longest downturn in trucking history. Headquartered in Wood Dale, a suburb of Chicago, VIB Trans employed 34 drivers to support its operations.

Norfolk Southern serving GE Appliances via new intermodal link with UP. Union Pacific Railroad and Norfolk Southern Railway’s new domestic intermodal service has begun shipping for Kentucky-based GE Appliances.

Energy

Oil heads for third monthly decline as dollar, OPEC+ supply weigh. Oil prices were flat, but were heading for a third consecutive monthly decline, as a stronger U.S. dollar, weak China data and rising supply from major global producers weighed.

Pakistan awards first offshore oil exploration blocks for decades. Pakistan said it has awarded 23 offshore exploration blocks to four consortiums led by local energy companies, some partnered with foreign firms including Turkey’s national oil company TPAO.

J-Power to shut two coal-fired power plants, committed to offshore wind project. Japan’s Electric Power Development (J-Power), said it will decommission two coal-fired power plants by March 2029 as part of efforts to meet its 2030 goal of cutting carbon dioxide emissions by 46% from 2013 levels.

U.S. partners with Westinghouse, Cameco and Brookfield on $80B nuclear deployment. Westinghouse Electric, Cameco and Brookfield Asset Management have entered into a strategic partnership with the U.S. government to deploy $80B in new nuclear reactors.

Google and NextEra to revive major Iowa nuclear facility as AI energy demand surges. Google and American electrical utility giant NextEra Energy announced a partnership to revive Iowa’s only nuclear power plant to meet growing low-carbon energy demand from artificial intelligence.

Others

Fed cuts rates again, but Powell raises doubts about easing at next meeting. The Federal Reserve approved its second straight interest rate cut, though Chair Jerome Powell rattled markets when he threw doubt on whether another reduction is coming in December.