The latest Market Talks covering Basic Materials. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

0823 ET - RBC Capital Markets remains bullish on Nutrien, arguing the negative share-price reaction to the fertilizer producer's 1Q earnings miss was misguided. Analyst Andrew Wong says Nutrien remains a solid defensive name in agriculture, with strong fundamentals amid broader macroeconomic and trade uncertainty. Added to that, Wong says the company's retail segment is on track to achieve its 2026 Ebitda target, with strong North American farm activity likely to drive solid 1H sales. RBC affirms an outperform call and raises its target to C$65 from C$60.(robb.stewart@wsj.com)

0714 ET - Evonik posted a robust and solid set of numbers that came in line with expectations, Morgan Stanley analysts say in a research note. The German specialty-chemicals company saw both adjusted Ebitda and free-cash-flow figures ahead of Visible Alpha estimates. The company also backed its guidance for 2025 adjusted Ebitda in a range between 2.0 billion and 2.3 billion euros. "We judge that second-quarter Visible Alpha consensus [for adjusted Ebitda] at 574 million euros is likely secure given the trends in methionine but note this looks low vs normal seasonality," they say. Shares trade 1.39% higher at 20.08 euros. (nina.kienle@wsj.com)

0653 ET - Salzgitter's confirmation of its outlook for 2025 after a challenging quarter with significant macroeconomic and trade uncertainties is positive, Jefferies analysts say in a research note. The German steel company's first quarter was negatively impacted from derivatives and impairment due to portfolio streamlining. The quarterly Ebitda was a 6% miss on Visible Alpha's estimates, the analysts say. European Union safeguard and supply curtailments for steel are supportive short term, they say. But while midterm EU's plan to strengthen the competitiveness of its steel industry and Germany infrastructure spending are encouraging, it will take time for projects to be approved and for steel orders to be placed, they add. Shares trade 5.4% lower at 21.88 euros. (nina.kienle@wsj.com)

0327 ET - Shares in London-listed miners gain on easing U.S.-China trade tensions as the two countries agree to substantially lower tariffs. The U.S. has cut levies on China to 30%, while China has reduced its tariffs on the U.S. to 10%, with more trade negotiations planned. In early morning trade, the miners led gains across the FTSE 100 index with Glencore and copper miner Antofogasta trading up nearly 7%. Anglo American climbs 6.4% and Rio Tinto is 5% higher. (adam.whittaker@wsj.com)

0215 ET - Navin Fluorine International may benefit from its strong order book for FY 2026, HDFC Securities analysts say in a research report. The fluorinated products producer has completed validation of two new fluoro specialty molecules, for which supplies will commence in 1Q FY 2026, the analysts note. Also, the Indian company has entered a partnership with Chemours to manufacture the U.S. company's two-phase immersion cooling fluid, and it has entered a technology tie-up with Switzerland's Buss ChemTech for solar and electronic grade hydrofluoric acid, the analysts add. The brokerage raises the stock's target price to INR4,797.00 from INR4,513.00 with an unchanged buy rating. Shares are 0.2% lower at INR4,580.35. (ronnie.harui@wsj.com)

0034 ET - Dyno Nobel reports strong 1H operating cash flow--of A$373 million versus consensus of A$40 million--which results in lower-than-expected net debt, say Barrenjoey analysts in a note. The explosives company's update on the sale of key parts of its fertilizers business is positive, they say. They also highlight the resumption of Dyno's share buyback. Its 1H Ebit is broadly in line with market expectations, the analysts say, adding that strength in the Americas offset weakness in Asia. Barrenjoey has an overweight recommendation and A$3.45 target on Dyno. The stock is up 2.1% at A$2.625. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

2250 ET - The recent departure of the directors on Mineral Resources' ethics and governance committee represents "a significant step backwards in seeking to address the serious governance concerns," says Hesta CEO Debby Blakey. Hesta, an Australian pension fund, has subsequently sold its shares in the Australian miner. "Given these departures and the forthcoming succession of the chair, we don't currently see a path to our concerns being addressed," Blakey says in a statement. She says Hesta may reconsider its position if Mineral Resources can provide "a demonstrated pathway" to address Hesta's governance concerns and an effective mechanism to prevent similar issues from happening again. It also wants "a timely and orderly succession" of managing director and founder Chris Ellison. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

1844 ET - Centaurus Metals's Jaguar nickel project in Brazil will attract interest from investors, but funding hurdles remain, reckons Barrenjoey. "The challenge for Centaurus management will be demonstrating the project has economic returns that meet an investor's hurdle rate at current prices," analyst Richard Knights says. Assuming a $7.00/lb nickel price results in a $104 million net present value and a 17% internal rate of return, Barrenjoey says. While that's palatable to investors, the capex-to-net present value ratio is relatively high and that will be a meaningful hurdle to overcome, the bank says. "In our view, the most likely investor at this stage would be a smelting operation that benefits from the high grade concentrate unlocking other, cheaper, lower grade nickel units," Barrenjoey says. It rates Centaurus at overweight. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

May 12, 2025 12:20 ET (16:20 GMT)

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