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Canada

The building and construction sector has caught the attention of many in North America, with bearish signals typically correlating to lower recycled metal flows. Canada’s six-month moving average is trending lower, with the February to March period showing a decline of 7%. Metal flows relating to retail and building/construction remain under pressure in most of the provinces from where feedback was collected.   

Meanwhile, Canada is attempting to reach 100% zero-emission vehicle sales by 2035 - a major factor behind its electric vehicle component manufacturing boom, particularly in battery production and recycling. Nine electric vehicle-related mega projects worth more than CA$ 44 billion were announced in 2023, with more expected in 2024. Demand for non-ferrous metals to support these projects will undoubtedly result in a windfall for recyclers.