The global chemicals sector faces continued pressure from oversupply and weak demand, according to Fitch Ratings, despite temporary disruptions in the Strait of Hormuz. Fitch maintains a "deteriorating" outlook for 2026, anticipating that higher production costs and reduced demand will impact chemical earnings in the latter half of the year. While regional conflicts pose risks to Middle East producers, Fitch expects the Strait of Hormuz to reopen soon, though oversupply will persist.

In contrast, Glencore's mining unit saw improved margins due to rising metals prices, enabling debt reduction and increased shareholder returns. Glencore shares rose 3.2% to 568.20 pence.

J.P Morgan analysts project broadly stable market conditions for Europe's steel sector, supported by the EU's carbon-import tax, new trade safeguards, and normalized inventories. Voestalpine's first-quarter underlying Ebitda met expectations, and the company reaffirmed its fiscal 2027 Ebitda guidance of 1.6 billion to 1.85 billion euros, suggesting minimal need for earnings revisions. Voestalpine shares were down 2.4% at 47.18 euros.