Basic Materials Roundup: Market Talk

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

0810 GMT – Posco Holdings’ steel shipments could start to rebound in 1Q 2024, Meritz Securities analyst Jang Jae-hyeok says in a research note. The South Korean steelmaker’ steel-product sales could recover next year on the Chinese government’s increased infrastructure investment, which should lead Chinese steelmakers to raise product prices and thus raise overall average selling prices for steel goods, Jang notes. However, the company’s lithium segment could be pressured by falling metal prices, he says. Meritz trims the stock’s target by 3.1% to KRW630,000 to reflect the lowered valuation for the lithium business but keeps a buy rating. Shares ended 11% lower at KRW464,500. (kwanwoo.jun@wsj.com)Toronto stocks end lower Monday, with the benchmark S&P/TSX Composite Index falling 81 points, or 0.4%, to 19743. The blue-chip S&P/TSX 60 Index falls 4 points, or 0.3%, to 1187. Most sectors trade lower with the largest losses among process industries, energy minerals and consumer durables. Those losses offset gains in the retail trade and technology services sectors, according to FactSet. Golden Minerals Co. posted among the largest losses of the day, falling nearly 43% after the company announced the pricing of its public offering. (ben.glickman@wsj.com; @benglickman)