Materials Up on U.S.-Iran Peace Hopes — Materials Roundup

Producers of metals, grains and other raw materials rose amid optimism about U.S.-Iranian negotiations.

Precious metals slipped amid anxiety about high-stakes negotiations to potentially end the war in Iran and reopen the Strait of Hormuz.

"The market is thinking past this," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management. "I don't think anybody is expecting the Strait [of Hormuz] to be closed forever so there's some point where things have to flow again...it's just a question of how much long-term ongoing damage is caused as a result of this."

Building-materials conglomerate QXO agreed to buy insulation products company TopBuild for $17 billion, doubling down on its acquisitive strategy.

Steel Dynamics rose in late trading after the metals processor's quarterly earnings topped expectations.

Cleveland-Cliff shares fell after the integrated iron-ore miner and steelmaker posted quarterly earnings shy of some investors' expectations.

USA Rare Earth has agreed to acquire the owner of a rare-earth mine and processing plant in Brazil, as miners continue to chase reserves of the strategically significant material.

Rio Tinto is moving to squeeze as much aluminum as it can from its Canadian smelters to meet demand from U.S. customers as the war in the Middle East lifts global prices and snarls supply chains.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

April 20, 2026 18:07 ET (22:07 GMT)