The latest Market Talks covering Basic Materials. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.
1153 ET - The global fertilizer market was already stretched, Mosaic CEO Bruce Bodine says on a call with analysts. Now, war in the Persian Gulf and new Chinese export restrictions have sent prices soaring and raised concerns about availability, exacerbating existing challenges. "To put it simply, there is not going to be enough phosphate to meet global demand," Bodine says on a call with analysts. (connor.hart@wsj.com)
1148 ET - Mosaic CEO Bruce Bodine says the company is operating in a challenging business environment. "Geopolitical events are driving volatility throughout the global phosphate supply chain," he says on a call with analysts. "Many producers are struggling to secure raw materials, resulting in an already tight market becoming even tighter." Supply and demand imbalances are inflating prices, putting pressure on both farm economics and Mosaic's bottom line. Shares fall 2.8% after Mosaic swings to a 1Q loss. (connor.hart@wsj.com)
1115 ET - Cascades faces a sluggish industry demand for corrugated cardboard." While near-term fundamentals are soft, CIBC's Hamir Patel says that Cascades' risk profile is improving as its Bear Island mill continues to ramp and leverage trends lower. Patel also notes that major North American containerboard producers plan to hike prices to make up for "higher manufacturing costs, as well as surging oil, fuel and transportation expenses." The situation is still precarious, says Patel, noting that "industry participants remain cautious, as the ongoing conflict in the Middle East could weigh on consumer confidence and spending, further dampening demand." (adriano.marchese@wsj.com)
1020 ET - The U.K. government's move to nationalize British Steel reflects the sector's strategic importance, but a broader industrial strategy will be needed amid mounting headwinds, Emily Sawicz at RSM UK says in a note. U.K. steelmakers face structural disadvantages from global overcapacity, fierce price competition and high energy costs, while uncertainty over ownership has deterred investment and modernization, Sawicz says. "Maintaining the status quo was never a sustainable option," she says. However, what the sector now needs is a coherent U.K. steel strategy that addresses energy pricing, trade alignment, carbon border measures and a clear pathway to green steel investment. "Without creating a genuinely level playing field, public ownership risks becoming a holding position rather than restoring competitiveness," Sawicz says. (don.forbes@wsj.com)
0956 ET - Investors are likely to embrace Barrick's 1Q performance, which notched better than expected production and costs, TD Cowen's Steven Green says. Adjusted EPS at 98 cents was above the 79 cents Green had penciled in, and gold production beat his forecast by 6% while copper output was in line. A newly authorized $3 billion share buyback program provides incremental support ahead of the planned North American IPO, while management reiterated expectations for further production growth through 2Q and the remainder of the year, Green says. TD maintains a buy call and $61 target on a stock. Shares rise 8.4% to $46.77. (robb.stewart@wsj.com)
0937 ET - Barrick Mining's 1Q results and plans for a $3 billion share buyback program are positive for the miner's shares, Scotiabank's Tanya Jakusconek argues. Adjusted EPS of 98 cents a share beat the 86 cents Scotia forecast, and adjusted Ebitda of about $3.9 billion topped the $3.5 billion anticipated. The analyst says the beat was largely thanks to higher sales and lower costs in Barrick's gold operations. The company's full-year production and cost guidance was affirmed and the IPO of the North American gold assets is still targeted for late 2026. Scotia has a sector outperform call and $63 target on the shares, which are up 7% at $46.14 in New York. (robb.stewart@wsj.com)
0903 ET - Expectations weren't very high going into Mosaic's 1Q readout, Morgan Stanley analysts say in a research note, citing high sulfur costs as the war in the Middle East and new Chinese export restrictions have raised concerns about availability. Even so, the fertilizer and mining company left investors feeling underwhelmed. "We do not believe that most expected a U.S. phosphate production cut / production guidance withdrawal," the analysts wrote. Shares are off 5% premarket after Mosaic swings to a loss and says it will limit capital expenditures, review operating plans and curtail production for the year. (connor.hart@wsj.com)
0615 ET - Palm oil prices were higher in the Asian trading session. Prices were driven marginally higher by stronger soybean-oil and crude-oil prices, together with strong export estimates for May, says David Ng, a trader at Kuala Lumpur-based Iceberg X. However, rising stock and production levels are keeping prices under pressure, he says. Ng sees prices of palm oil supported above 4,450 ringgit a ton, with resistance at 4,600 ringgit a ton. The Bursa Malaysia Derivatives contract for July delivery was 11 ringgit higher at 4,516 ringgit a ton. (kimberley.kao@wsj.com)
0357 ET - Ganfeng Lithium's earnings per share is likely to rise further this year as lithium prices increase, say DBS Group Research analysts in a note. The Chinese lithium producer is targeting its lithium self-supply to rise to around 70% in 2026 before growing to more than 85% in the next two to three years, the analysts note. It also aims to boost its lithium chemical production volume while advancing the commercialization of solid-state batteries, the analysts add. DBS raises its target prices for Ganfeng's Shenzhen-listed shares to 112 yuan from 92 yuan and for its Hong Kong-listed shares to HK$103 from HK$83. The A shares closed 0.5% higher at 85.18 yuan while the H shares add 1.7% to HK$84.65. (megan.cheah@wsj.com)
2319 ET - Jiangxi Copper could benefit from higher sulfuric acid prices should Middle East tensions persist, says OCBC Group Research's Chu Peng in a note. While the Chinese copper producer sells 20% of its sulfuric acid output under a price cap to the fertilizer industry, the remainder is sold across sectors without pricing restrictions, the analyst notes. Higher sulfuric acid prices could offset any drag from lower treatment and refining charges on Jiangxi, she notes. Meanwhile, Jiangxi's SolGold acquisition is likely to drive the Hong Kong-listed company's long-term growth pipeline, the analyst adds. OCBC raises its fair-value estimate to HK$53.40 from HK$48.30 and maintains a buy rating. Shares are 1.0% lower at HK$38.96.(megan.cheah@wsj.com)
2057 ET - Dyno Nobel's 1H profit result pleases bull RBC Capital Markets, which says EPS is 17% above consensus while explosives Ebit beats by 19%. RBC highlights the reiteration of annual guidance despite some additional headwinds, including from higher freight and raw materials costs. Earnings in the company's Latin America, Africa, and Europe business are also lower than expected, RBC says. However, group corporate costs are slightly lower than anticipated and net debt is below expectations, says the broker. RBC has an outperform rating and A$3.70 target on Dyno Nobel. Shares are 11% higher at A$3.67. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
2043 ET - Pantoro Gold's Racetrack discovery deepens the pipeline of high-grade ore sources behind its plans at the Norseman gold project, says MA Financial analyst Paul Hissey. "The business needs discoveries like this to achieve the company's ambitious 200,000 [troy ounce per annum] target," Hissey says. With roughly A$250 million in cash and gold and no debt, the company is well placed to keep pursuing organic growth. Yet Racetrack won't boost the miner's output in the near term, Hissey says. "The market remains focused on PNR's ability to execute on its guided production profile for FY26," he says. MA keeps a buy rating and A$5.31/share target on Pantoro. The stock is up 0.9% at A$3.42. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
(END) Dow Jones Newswires
May 11, 2026 16:50 ET (20:50 GMT)
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