Core Insights - Commercial Metals Company (CMC) is a prominent player in the metals and construction sector, particularly known for its steel production and recycling operations, primarily in North America [1] Financial Performance - CMC reported an EPS of $1.84 for Q1 fiscal 2026, exceeding the forecast of $1.55, with net earnings of $177.3 million or $1.58 per diluted share [2][6] - The company's revenue reached approximately $2.12 billion, surpassing the estimated $2.05 billion, indicating strong market performance [2][6] - Consolidated core EBITDA grew by approximately 52% year-over-year to $316.9 million, resulting in a core EBITDA margin of 14.9% [3][6] Strategic Initiatives - CMC's growth is supported by its TAG program, which aims for an annualized run-rate EBITDA benefit of $150 million by the end of fiscal 2026 [3] - In December, CMC made significant acquisitions in the precast concrete industry, investing over $2.5 billion, which establishes a substantial growth platform [4] Market Position and Valuation - CMC's P/E ratio is approximately 96.58, indicating a high valuation relative to earnings, while the price-to-sales ratio is about 1.04 and the enterprise value to sales ratio is around 1.08 [5] - The company maintains a debt-to-equity ratio of approximately 0.32 and a current ratio of about 2.78, reflecting strong financial management capabilities [5]

Many investors and analysts – present company very much included – have been closely following the historic rally in gold futures and silver futures, but perhaps it’s no coincidence that we’re seeing another metals story developing under the surface just as the tech world’s marquee CES conference is taking place. Precious metals are dominating the headlines for now, particularly amid geopolitical turmoil and a weaker dollar, but it’s become impossible to ignore that industrial metals are also having a robu ...

Core Viewpoint - India's competition watchdog has identified that major steel companies, including Tata Steel, JSW Steel, and state-run SAIL, along with 25 other firms, have violated antitrust laws by colluding on steel selling prices, which may lead to significant fines for these companies and their executives [1] Company Summary - Tata Steel, JSW Steel, and SAIL are among the market leaders implicated in the antitrust investigation [1] - A total of 28 firms, including the aforementioned companies, are involved in the alleged price-fixing scheme [1] Industry Summary - The steel industry in India is facing scrutiny due to collusion on pricing, which raises concerns about market competition and regulatory compliance [1] - The findings from the competition watchdog could lead to increased regulatory actions and potential financial penalties within the industry [1]

5 January 2026 | 8:20PM HKT Equity Research CHINA BASIC MATERIALS 2026 outlook - supply to set the path apart 2) Anti-involution (on oversupplied segments) remains a multi-year strategic policy effort. Potential changes in capacity management that drive the next 10% improvement in industry capacity utilization could lead to highly leveraged earnings revisions from where we are. We see meaningful progress in the capacity work in cement and coal, but slower than expected in steel. We expect a more stable year ...

Core Perspective - The EU carbon border adjustment mechanism (CBAM) aims to enhance the competitiveness of European manufacturers against non-EU companies with less stringent emissions regulations, with China being the first to threaten retaliation [1][4]. Group 1: Mechanism Overview - The CBAM was created to address the high costs associated with the EU's stringent emission-reduction standards, which have made European products like steel and cement less competitive compared to cheaper imports from countries like China [2][3]. - The mechanism imposes a price on carbon dioxide emissions from goods produced in exporting countries, establishing default emission values and benchmarks for specific products [6]. Group 2: Reactions from Major Exporters - China's Ministry of Commerce criticized the CBAM as "unfair" and "discriminatory," indicating that it would take necessary measures to counteract what it perceives as unfair trade restrictions [4]. - The CBAM is unpopular among major exporters to the EU, but it has been effective in encouraging countries to develop or expand their carbon pricing initiatives, marking a significant policy shift for the EU [5]. Group 3: Implications for Competitiveness - The implementation of the CBAM is intended to ensure that cheaper imported steel, cement, and electricity are not as competitively priced, thereby protecting European industries [3]. - China's existing carbon market, established in 2021, complicates the situation as it seeks to maintain its competitiveness in the face of the new EU regulations [5].

The year 2025 will be remembered as the breakthrough year for precious metals, as both silver and gold reached significant new all-time highs. While gold and silver juniors from Benzinga’s watchlist marked incredible gains, even other lithium and steel stocks outperformed their respective benchmarks. Overall, the 2025 watchlist delivered a 281% return.1. Volt Lithium (LibertyStream Infrastructure Partners)For Volt Lithium, 2025 was a year of change. The firm was renamed to LibertyStream Infrastructure Partn ...

Nucor Corporation (NYSE:NUE) is one of the stocks Jim Cramer discussed along with macroeconomic conditions. Cramer said he should have “pushed hard” on the company stock, as he commented: “Regular metals, generally up with the help of tariffs, but a lot of crops and chemical stocks are very bad. That explains why we’ve seen a middle-of-the-pack performance overall for the materials group, which is up about 9% for the year… but within that, we’ve seen huge disparities. 40% plus declines for chemical compan ...

Accessible version Basic Materials - China Copper/Aluminum/Gold Lifted; Ally Margin Slides; Steel Prices Rose Industry Overview Metals: Copper/Ally/Gold Lift; Lithium& Uranium advance US Nov'25 CPI came in below expectations, boosting prospects for a rate cut in Mar'26. LME copper gained 2.0% WoW to US$11,764/t, while China's price fell 1.4% to RMB 92,640/t. LME aluminum edged up 1.3% WoW to US$2,872/t, whereas China's price slipped 1.0% to RMB 21,820/t, squeezing margins by RMB 170/t WoW to RMB 5,915/t. CO ...

December 23, 2025 01:25 PM GMT European Metals and Mining 23 December 2025 Consolidation, Scarcity, and Regionalisation M O R G A N S T A N L E Y R E S E A R C H Europe Morgan Stanley & Co. International plc+ Ferdinand Huber RESEARCH ASSOCIATE Ferdinand.Huber@morganstanley.com +44 20 7677-2702 European Equity Research Alain Gabriel, CFA EQUITY ANALYST Alain.Gabriel@morganstanley.com +44 (0)20 7425 8959 Ioannis Masvoulas, CFA EQUITY ANALYST Ioannis.Masvoulas@morganstanley.com +44 (0)20 7425 0427 Adahna Ekoku ...

Group 1: Overall Market Conditions - Overseas, Fed official Milan said there's no short - term recession, but rising unemployment may prompt the Fed to turn dovish and cut rates. The market risk appetite is good, with tech stocks driving the US stocks up, the US Treasury yield rising to 4.16%, and the US dollar index dropping to 98.2. Japanese officials signaled possible foreign exchange intervention, strengthening the yen. Geopolitical issues pushed up oil prices. Risk assets are supported by sentiment and liquidity in the short - term, but caution is needed due to approaching holidays [2] - In China, the LPR has remained unchanged for seven consecutive months. The 5 - year LPR in December is 3.5%, and the 1 - year is 3%. The probability of a rate cut or reserve requirement ratio cut this year is low, with the next possible rate cut expected early next year. A - shares rose on Monday, with the ChiNext and STAR Market rebounding over 2%. Over 2900 stocks closed up, and the trading volume expanded to 1.88 trillion. The market may maintain a wide - range weak - oscillating pattern in the short - term. The bond market readjusted, lacking a clear direction [3] Group 2: Precious Metals - International precious metal futures continued to rise strongly on Monday. COMEX gold futures rose 2.13% to $4480.60 per ounce, and COMEX silver futures rose 2.37% to $69.09 per ounce. Domestic platinum and palladium futures hit the daily limit, and the overseas platinum price reached a new high. The rise is due to the resonance of macro, fundamental, and capital factors. The weakening of the US dollar credit supports gold in the long - term. Silver's strategic position in green energy and high - end manufacturing attracts funds, and platinum and palladium face supply shortages and strong industrial demand [4][5] Group 3: Copper - The Shanghai copper main contract continued to rise on Monday, and LME copper approached $12000. The spot market trading was poor, with domestic trade copper at a discount of 195 yuan/ton. The LME inventory decreased to 15.7 million tons, and the COMEX inventory increased to 46.7 million tons. Fed official Milan maintained a dovish stance, and Trump will announce a new Fed chair in early January, likely to be more dovish. The global mine supply is tight, and the long - term TC benchmark price is 0 dollars/ton. The copper price is expected to remain strong in the short - term [6][7] Group 4: Aluminum - The Shanghai aluminum main contract closed at 2220 yuan/ton on Monday, up 0.82%. The LME closed at $2941 per ton, down 0.49%. The electrolytic aluminum ingot inventory increased by 2.2 million tons to 60 million tons on December 22. The Fed's expected rate cut next year is fermenting, and the LME aluminum reached a new high this year. The domestic aluminum price is expected to oscillate at a high level in the short - term due to the fluctuating inventory [8] Group 5: Alumina - The alumina futures main contract closed at 2508 yuan/ton on Monday, down 1.18%. The spot alumina national average price was 2751 yuan/ton, down 7 yuan/ton. The supply is expected to remain sufficient in the short - term, and the alumina price will continue to be under pressure [9] Group 6: Cast Aluminum - The cast aluminum alloy futures main contract closed at 21290 yuan/ton on Monday, up 0.66%. The raw material scrap aluminum supply is tight, and the cost support is strong. The supply decreased slightly due to environmental protection and cost - profit factors. The consumption is stable, and the cast aluminum price is expected to oscillate at a high level [10] Group 7: Zinc - The Shanghai zinc main contract oscillated narrowly on Monday. The social inventory increased to 12.45 million tons. The 11 - month zinc concentrate imports increased by 13.84% year - on - year and 52.27% month - on - month. The overall zinc price is expected to oscillate due to mixed Fed officials' views, changes in imports and exports, and consumption and supply factors [11][12] Group 8: Lead - The Shanghai lead main contract oscillated weakly on Monday. The social inventory decreased to 2.02 million tons. Near the end of the year, the supply and demand of the lead industry are both weak. The lead price is expected to maintain a weak and stable oscillation [13][14] Group 9: Tin - The Shanghai tin main contract oscillated narrowly on Monday. The 11 - month tin concentrate imports increased significantly, especially from Myanmar. The supply is expected to improve, and the tin price has a high - level adjustment risk [15][16] Group 10: Industrial Silicon - The industrial silicon oscillated on Monday. The supply in Xinjiang is at a relatively high level, while that in the southwest is weak. The demand is mainly for historical orders. The industrial silicon price is expected to oscillate narrowly [17][18] Group 11: Steel Products - Steel futures oscillated and rebounded on Monday. The five major steel products' production and apparent demand adjusted slightly, and the inventory continued to decline. The steel price is expected to oscillate mainly, and attention should be paid to the acceptance of the price rebound [19] Group 12: Iron Ore - Iron ore futures oscillated and adjusted on Monday. The overseas shipment and arrival volume decreased this week, and the port inventory continued to accumulate. The demand is weak due to steel mills' production cuts and the off - season. The iron ore price is expected to oscillate under pressure [20] Group 13: Coking Coal and Coke - Coking coal and coke futures oscillated on Monday. The third round of coke price cuts was implemented, reducing coking profits and weakening the procurement of raw coal. The coking coal supply is generally stable. The prices are expected to oscillate in the short - term [21] Group 14: Soybean and Rapeseed Meal - On Monday, the soybean meal 05 contract rose 0.18%, and the rapeseed meal 05 contract rose 0.56%. The US soybean export sales are still slow, and the domestic soybean and soybean meal inventories are high. The domestic rapeseed meal is expected to oscillate weakly in the short - term [22][23] Group 15: Palm Oil - The palm oil 05 contract rose 0.94% on Monday. The Malaysian palm oil production decreased, and the export demand improved. The domestic palm oil inventory increased slightly. The palm oil price is expected to stop falling and enter an oscillating state in the short - term [24][25]