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

1108 ET - With the price of natural gas rising recently, Union Pacific could see a pricing win. The railroad's coal business has been struggling, with coal demand down and coal-related freight revenue dropping in 4Q--a trend the company expects to continue in 2025. But higher natural gas prices could help the railroad among its utility coal contracts, the company says on a call. Higher natural gas prices might increase demand for coal transportation, as utilities switch back to coal as a cheaper alternative, leading to more coal shipments. Still, natural gas is volatile, says executive VP Kenny Rocker. "I've gotten out of that game of trying to forecast what's going to happen" with it, he adds. (owen.tucker-smith@wsj.com)

0532 ET - Rio Tinto expects Chinese demand for minerals to continue growing in 2025 despite the country's economic problems, Chief Executive Jakob Stausholm tells CNBC at the World Economic Forum in Davos, Switzerland. While the country faces challenges across its property market, its industrial development is impressive and its infrastructure investments are very significant, he says. (adam.whittaker@wsj.com)

0516 ET - President Trump's goal of mining for minerals in Greenland is both challenging and unprofitable, Rio Tinto Chief Executive Jakob Stausholm says in an interview with CNBC at the World Economic Forum in Davos, Switzerland. Rio Tinto has been examining the business case for mining in Greenland for 15 years but has never been able to come up with a profitable project, he says. There are a lot of minerals in Greenland but the lack of roads and need to rely on airborne logistics make costs enormous, he says. Rio Tinto's London-listed shares trade 1% lower at 4,949.50 pence. (adam.whittaker@wsj.com)

0506 ET - Rio Tinto is positioned and able to grow organically and inorganically, Chief Executive Jakob Stausholm says in an interview with CNBC at the World Economic Forum in Davos, Switzerland. He declines to comment on reports the miner held talks with London-listed rival Glencore about a potential deal. Rio Tinto's London-listed shares trade down 1% at 4,949.50 pence. (adam.whittaker@wsj.com)

2001 ET - Fortescue's 2Q iron-ore output is a tad above market expectations, but its realized prices are a miss, says Jefferies analyst Mitch Ryan. "No material operational updates were provided and guidance remains unchanged," he says in a note. As such, Fortescue's stock should continue to take its near-term cues from iron-ore prices, which are likely to soften further, he reckons. Jefferies has a hold rating and an A$20.00 target on Fortescue. The stock is down 1.9% at A$18.66. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

1828 ET - A 25% tariff on Canadian imports would undermine America's industrial competitiveness by increasing costs for U.S. aluminum users of Canadian aluminum by $1.5 billion to $2 billion a year, Alcoa CEO William Oplinger says. Canada is the U.S.'s largest supplier of aluminum from smelters. President Trump has indicated he's considering levying 25% duty on imports from Canada. Alcoa operates two aluminum smelters in Canada and is a partner in a third one. Oplinger says if there is a 25% tariff, the company would shift its aluminum shipments to Europe, leaving U.S. aluminum customers more reliant on aluminum from the Middle East and India which are subject to just a 10% U.S. duty. "Literally, you'd see ships passing in the Atlantic carrying the exact same product back and forth," Oplinger says. "It doesn't make a lot of sense." Shares down 1% at $38.40 after hours. (robert.tita@wsj.com)

1253 ET - Commentary from United Airlines, issued as the carrier posted stronger-than-expected 4Q results, could signal that favorable reports from other airlines are on the way, UBS analysts say in a research note. United's 4Q earnings beat was primarily driven by stronger revenue per available seat mile, a metric used by airlines to measure how efficiently they generate revenue from capacity. RASM was up 1.6% year-over-year, as international strength offset weaker domestic trends. United said in it earnings release that it's seeing "robust demand trends in 1Q with domestic RASM expected to turn solidly positive year-over-year, as well as continued improvement in international RASM." The analysts say momentum in domestic RASM provides a favorable read to other airlines including American, set to report Thursday, and Southwest, set to report next week. (connor.hart@wsj.com)

(END) Dow Jones Newswires

January 23, 2025 12:20 ET (17:20 GMT)

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