SQM reported a sharp increase in first-quarter profit and raised its annual lithium sales forecast as robust demand from battery storage systems helps drive a recovery in prices.

The company seeking to build Chile’s first rare-earth mine is in talks with US International Development Finance Corporation as the Trump administration moves to loosen China’s grip on critical minerals.

Gold resumed declines as traders focused on the prospect of prolonged energy-market tightness despite Israel and Iran agreeing to end attacks and as some investors reacted to negative technical signals.

SQM reported a sharp increase in first-quarter profit and raised its lithium sales forecast, betting that robust demand from battery storage systems will keep the market tightly supplied.

US Steel said investments to upgrade its Mon Valley operations in Pennsylvania could total as much as $2.5 billion, more than double Nippon Steel Corp.’s minimum commitment as part of its takeover offer for the American company.