Key transactions & industry news Weekly Update 06/06/2025

Metals & Mining

Trump’s 50% tariffs on metals come into effect. The U.S. President Donald Trump has signed an order doubling tariffs on steel and alumium imports from 25% to 50%. The move hikes import taxes on the metals, which are used in everything from cars to canned food, for the second time since March. Trump has said the measures, which came into effect on Wednesday, are intended to secure the future of the American steel industry.

Rio Tinto’s NZAS decides to expand production after Meridian backs plan amid improved hydro storage. Rio Tinto-owned the New Zealand aluminum smelter at Tiwai Point is eyeing production expansion with hydro lake storage levels on the rise. The output is likely to ramp up to 335,000 tonnes per year from June 16, 2025.

After Guinea setback, EGA turns to Ghana: strategic shift or coincidence? Following the initiation of bauxite mining revocation by Guinea, Emirates Global Aluminium (EGA) now eyes Ghana to explore fresh bauxite-related opportunities. According to a report on June 4, the UAE-based aluminium major has inked an agreement with the Ghana Integrated Aluminium Development Corporation (GIADEC) to assess the feasibility of bauxite exploration in the West African country.

Century Aluminum making significant strides towards energy independence at its Jamalco alumina refinery. Century Aluminum is making strong strides toward energy independence at its Jamalco alumina refinery in Jamaica, with the installation of a steam power generation turbine on track for completion by the end of this year. The new turbine will enable the refinery to become fully self-sufficient in power generation, significantly lowering operating costs by reducing reliance on third-party energy suppliers.

Transportation & Logistics

New world order: Ocean rates up 88% as shippers pounce on lower tariffs. Mid-high average spot rates paid by shippers in the 75th percentile of the market for transit from the Far East to the U.S. East Coast have surged by an astonishing 88% since May 3, now standing at $6,100 per forty-foot equivalent unit. This price jump reflects the willingness of shippers to incur higher costs to ensure the movement of goods, driven by the temporary window created by the U.S.-China reciprocal tariff pause.

Southwest Airlines’ $28M investment expands cargo capacity in Denver. Southwest Airlines opened a new $28M, 27,000-square-foot cargo facility at Denver International Airport, which is now the largest in its cargo network. The new facility more than doubles its throughput capacity and triples refrigerated cooler space, addressing growing demand for airfreight services in the Denver metropolitan area.

Saia’s tonnage turns negative after 22-month run. After 22 months of consecutive tonnage increases following Yellow Corp.’s shutdown, less-than-truckload carrier Saia reported a modest decline in volume during May. Saia’s tonnage per day dipped 0.4% year over year in May following a 4.4% increase in April (and a 12.8% increase in the first quarter). The May decline was the combination of a 3.2% drop in shipments, which was largely offset by a 3% increase in weight per shipment.

CSX rebounds from service problems and sluggish operations. CSX has fully bounced back from a bout of operational challenges that began with hurricanes last fall and worsened after the Feb. 1 closure of the Howard Street Tunnel in Baltimore, CEO Joe Hinrichs tells Trains. The railroad’s on-time performance in May, measured by trip plan compliance for intermodal and carload shipments, has returned to December levels.

Energy

Crude climbs on US jobs report, China talks. Crude rose more than $1 a barrel on Friday morning and oil prices were on track for their first weekly gain in three weeks after a favorable U.S. jobs report and resumed trade talks between U.S. President Donald Trump and Chinese leader Xi Jinping, raising hopes for growth in the world’s two largest economies. Brent crude futures gained $1.28, or 1.96%, to $66.62 a barrel. U.S. West Texas Intermediate crude climbed $1.34, or 2.11%, to $64.71.

Others

US job growth slows as tariff uncertainty leaves businesses in limbo. U.S. job growth slowed in May amid uncertainty about the Trump administration’s import tariffs, but solid wage growth should keep the economic expansion on track and potentially allow the Federal Reserve to delay resuming its interest rate cuts. The ebbing labor market momentum was underscored by sharp downward revisions that showed 95,000 fewer jobs were added in March and April than previously estimated over the two-month period.