The domestic economy grew 2.9% between July and September, trailing the previous quarter’s performance of 3.2%, says Statistics Canada. Household spending also fell in the most recently completed quarter for the first time since the second quarter of 2021. These signals of a decelerating economy are expected to slow or pause the run of six consecutive interest rate hikes since March of this year.
After China, India and Russia, Canada is the world’s fourth-largest producer of primary aluminium. In 2022, more than 90% of Canadian production has been exported to the USA while a noteworthy leap in exports to the Netherlands of 697,000% has been registered as well as a 30% increase to Mexico.
In line with economic output and the cold winter months, metal flows into recyclers’ facilities are beginning to trend downwards. Although materials generated from infrastructure and demolition sources are maintaining their trend, those from retail and industry have slowed, according to multiple recyclers. Worse is yet to come as the next few months become drastically colder and the holiday season brings one- to two-week closures at the end of December for many recycling sites.