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Canada

After showing signs of stability in 2023, the latest economic data point to a disinflationary environment with yearly inflation down to 2.9%. Analysts are building a case for an interest rate cut as soon as April 2024 as some warn Canada has been on the brink of a recession for months; the last time the Bank of Canada lowered interest rates was in March 2020.

Many Canadian recyclers are experiencing lower-than-normal volumes for this time of year, with recycled materials from industrial manufacturing widely said to be down by 20% on average and retail customers by as much as 15%.

Meanwhile, consumer demand appears to be ticking up - a good sign for the economy - but metal availability is not yet keeping up with the pace of requirements.