Nippon Steel Shares Tumble After Announcing Near $4 Billion Bond Sale-- Commodities Roundup

MARKET MOVEMENTS:

--Brent crude oil is up 0.5% at $70.96 a barrel.

--European benchmark gas is up 1.5% at 31.36 euros a megawatt hour.

--Gold futures are up 0.5% at $5,202.50 a troy ounce.

--LME three-month copper futures are up 0.6% at $13,281 a metric ton.

TOP STORY:

Nippon Steel Shares Tumble After Announcing Near $4 Billion Bond Sale

Shares of Nippon Steel dropped sharply after the Japanese steelmaker announced plans to sell close to $4 billion in convertible bonds to fund its acquisition of United States Steel Corp.

Nippon Steel is issuing two tranches of zero coupon bonds convertible to stock acquisition rights, due in 2029 and 2031, the company said Tuesday. Each bond issuance will raise 300 billion yen, equivalent to $1.92 billion, for a total of $3.85 billion.

OTHER STORIES:

Iberdrola's Net Profit Rises, Reiterates Guidance

Iberdrola said net profit rose in 2025, and reiterated its guidance for the year ahead.

The Spanish energy company on Wednesday said 2025 net profit rose to 6.285 billion euros ($7.40 billion) from 5.61 billion euros the year prior. On an adjusted basis, the metric rose 10% to 6.23 billion euros.

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E.ON's Earnings Rise as It Spends on European Energy Infrastructure

E.ON's earnings rose as it expanded and upgraded energy infrastructure across Europe, with the electric utility company betting on growing demand as it raises its investment plan.

The Germany-based electric utility company said adjusted earnings before interest, taxes, depreciation and amortization for 2025 rose 9% to 9.85 billion euros ($11.60 billion). This compares with 9.785 billion euros analysts had expected according to a consensus compiled by the company.

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Nordex Surges 16% on Earnings Beat, Potential U.S. Expansion

Onshore wind-turbine manufacturer Nordex's shares jumped after the group reported better-than-expected earnings and hinted at potential expansion in the U.S.

Shares in the Hamburg-headquartered group surged 16%, or 5.62 euros, to 40.66 euros in early European trade, making it the sharpest riser in the Europe-wide Stoxx 600 index of companies. Spanish construction conglomerate Acciona, which owns a 47% stake in Nordex, gained 3.75%.

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Valterra Platinum's Earnings Jump on PGM Price, Cost Savings

Valterra Platinum's earnings jumped as it benefited from higher platinum group metals prices and cost savings.

The platinum group metals mining company said Wednesday that headline earnings--which strip out exceptional and other one-off items--for the full year nearly doubled to 16.7 billion South African rand ($1.05 billion). On a per share basis, earnings were 63.48 rand.

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Iluka Sets No Target For Initial Rare Earths Offtake

Iluka Resources doesn't have a goal for how much of its future rare-earths supply it would like to have under contract by midyear, but initial deals will probably account for only a small portion of planned sales from the refinery it is building, the company's chief executive said.

Iluka recently flagged to investors that it expects to start getting so-called offtake agreements in place as early as the middle of 2026 for the Eneabba refinery that it has under construction in Western Australia, and expects to start commissioning next year. Analysts view the finalization of offtake agreements as a key driver for shares in the company.

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Dole 4Q Loss Narrows, Revenue Climbs on Strong Segment Performances

Dole logged a narrowed loss as performance across all its segments drove revenue growth in the fourth quarter.

The Dublin-based agricultural company on Wednesday recorded a net loss of $2.7 million, or 3 cents a share, compared with a wider loss of $39.1 million, or 41 cents a share, in the same quarter a year ago.

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Southwest Gas President, CEO Karen Haller to Retire

Southwest Gas Holdings' president and chief executive, Karen Haller, is retiring after nearly three decades with the natural-gas company.

Southwest on Thursday said Justin Brown, currently president of its Southwest Gas Corp. unit, will succeed Haller as CEO of the Las Vegas-based parent company on May 8.

MARKET TALKS:

Brazilian Soybean Prices Seen Undercutting U.S. Competition -- Market Talk

0907 ET - Brazilian soybeans on the world export market are becoming increasingly cheaper versus the U.S. competition, according to AgMarket.net in a note. The analysts say the price difference threatens to derail any momentum from Chinese purchases of U.S. soybeans, although no flash sales to China have been announced since the country returned from the Lunar New Year holiday this week. "Brazilian cargoes are currently nearly $40/mt cheaper than the U.S., the widest the discount has been in over a year," says the firm. Most-active CBOT soybean futures are up 0.1% premarket, to just above $11.56 a bushel. Corn is flat, and wheat falls 0.7%. ([e-mail])

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Brent Holds Near $71 But Volatility Elevated -- Market Talk

1227 GMT - Brent crude prices are holding around $71 a barrel as traders weigh out potential outcomes ahead of upcoming talks between the U.S. and Iran. However, the current price level is giving what some market participants describe as "a false picture of stability", with a massive deployment of American forces in the Middle East keeping investors on edge. "The Cboe crude oil volatility index is however elevated and close to its recent high from yesterday," Bjarne Schieldrop, chief commodities analyst at SEB Research. "Waiting for what will happen." The index measures expected volatility in crude oil prices over the next 30 days. In European afternoon trading, Brent rises 0.6% to $71.02 a barrel, while WTI is up 0.5% to $65.66 a barrel. ([e-mail])

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Mideast-China Oil Freight Rates Near Six-Year High -- Market Talk

1132 GMT - Freight rates for shipping oil from the Middle East Gulf to China have climbed to their highest level in nearly six years, according to Argus Media. The surge reflects tighter vessel availability, with recent consolidation in the VLCC, or very large crude carrier, market reducing the number of shipowners active in the spot market. At the same time, Indian demand for Middle East crude continues to be strong as increased pressure from U.S. sanctions prompted Indian refiners to reduce imports of Russian crude. Geopolitical tensions between the U.S. and Iran are also adding fresh uncertainty, as any escalation could disrupt oil flows or shipping routes, according to Argus. ([e-mail])

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Palm Ends Roughly Flat Amid Mixed Cues -- Market Talk

1019 GMT - Palm oil ended roughly flat amid mixed cues. While higher soybean oil prices and bargain hunting after the recent pullback likely provided some support, weak export performance limited its upside, Kenanga Futures said in a note. The weak demand raises the risk of stock levels while a strong Malaysian ringgit continues to curb foreign buying interest, it added. The brokerage sets palm oil's support and resistance levels at 4,020 ringgit and 4,145 ringgit a ton, respectively. Palm oil ended 1 ringgit lower at 4,052 ringgit a ton. ([e-mail])

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London's Miners Gain and Metal Prices Rise -- Market Talk

0843 GMT - London's miners rise in opening trade as silver, gold and copper prices climb. New York gold futures rise 0.58% to $5,206.70 a troy ounce. Silver futures rise 3.4% to $90.44 an ounce. Copper futures rise as the Chinese markets reopen after Lunar New Year, with sentiment boosted by the prospect of lower U.S. tariffs, ANZ analysts write. LME three-month copper futures rise 0.8% to $13,268.50 a metric ton. Copper miner Antofagasta rises 4.1%. Silver and gold miner Fresnillo gains 4.2% while Hochschild Mining is up nearly 3%. Diversified miner Anglo American is up 3.4% and Glencore rises 1.8%. ([e-mail])

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Copper Prices Boosted by Post-Holiday Chinese Demand -- Market Talk

0842 GMT - Copper prices hold above $13,000 a metric ton as Chinese buyers returned from the Lunar New Year holiday, boosting import demand. The Yangshan premium--a gauge of demand for imported copper--has risen to a two-month high, signaling stronger purchasing interest, according to analysts at ING. However, inventories remain elevated on both the Shanghai Futures Exchange and the London Metal Exchange, indicating the global market is still well supplied. "While stronger Chinese imports should help absorb some excess material, a sustained tightening in spreads will likely require clearer evidence of inventory draws, both in China and on the LME," the analysts say. In early trading, futures on the LME rise 0.6% to $13,272.50 a ton. ([e-mail])

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Gold Reclaims $5,200 on U.S. Trade Uncertainty, Middle East Risks -- Market Talk

0833 GMT - Gold prices rise back above $5,200 as uncertainty over U.S. trade policy and geopolitical risks in the Middle East continue to support safe-haven demand. In early trading, futures in New York are up 0.7% to $5,212.10 a troy ounce. "Gold has stabilised above $5,000/oz, regaining more than half of the losses from its sharp correction earlier this month," says Soojin Kim from MUFG. "However, expectations that U.S. interest rates may remain elevated for longer following stronger labour market data and cautious signals from Fed officials, could limit further upside for non-yielding gold." Meanwhile, silver futures gain 3.8%, climbing above $90 an ounce. ([e-mail])

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Oil Rises As U.S.-Iran Tensions Keep Risk Premium Elevated

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02-25-26 0941ET