In this holiday episode the guys grade Nick’s five metals-market predictions for 2025. They unpack what drove a split year around “Liberation Day” tariffs, why volatility dominated copper and energy, how inflation stayed sticky, what nickel’s cost curve is signaling, and why Chinese steel exports surprised to the upside even as U.S. imports fell. The show wraps with a grounded 2026 outlook for PMI, steel demand, aluminum restarts, and the risks that matter most heading into the new year.