News

[SMM Daily Review: High-Grade NPI Prices Edge Up, Significant Fluctuations Unlikely Before Holiday] February 6 - The average price of SMM 10-12% high-grade NPI was 1,040 yuan/mtu (ex-factory, tax included), up 2.5 yuan/mtu MoM from the previous working day.

On February 5th, Rio Tinto said it is no longer in takeover talks with Glencore after the parties failed to agree on terms that would deliver value to Rio shareholders, marking the third time such discussions have fallen apart (following failed approaches in 2014 and 2024). Glencore said the proposed structure— including Rio retaining the Chairman and CEO roles and a pro forma ownership split—significantly undervalued Glencore’s relative contribution, and therefore was not in Glencore shareholders’ interests. Following the announcement, Glencore shares fell as much as 10.8% while Rio’s London-listed shares were down around 2.6%. Reuters noted the setback echoes other stalled mega-deals in the mining sector, such as BHP’s failed bid for Anglo American.

Currently, it appears that payables—whether for long-term contracts or spot contracts—are not expected to change significantly before the holiday, remaining largely consistent with January levels.

Although raw material prices are currently at a relatively low stage, market sentiment has not improved significantly.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 05 Feb , 2026

[SMM Nickel Flash]February 5 – Supply side, futures retreated compared to the previous period, with no more arbitrage selling in the market. The low-price collapse has subsided, and upstream quotations have gradually returned to normal levels supported by cost. Demand side, downstream buyers are unlikely to make large purchases before the holiday, and market activity remains subdued. Overall, selling sentiment has eased, and high-grade NPI prices have pulled back.

According to SMM, a significant volume of Indonesian stainless steel coils remains stranded at Malaysian customs, causing anxiety among local traders and processing centers who are grappling with low inventory levels. However, market sources indicate a slight improvement, with recent reports that shipments are gradually beginning to clear customs.

[SMM Daily Review: Arbitrage Selling Decreases, High-Grade NPI Offers Gradually Return to Rationality] February 4 (SMM) - The average price of SMM 10-12% high-grade NPI was 1,030 yuan/mtu (ex-factory, tax included), down 2.5 yuan/mtu MoM from the previous working day.

According to Suara Sultra News, Garda Muda Anoa Sultra (GMA Sultra) has formally urged the Indonesian Minister of Energy and Mineral Resources to freeze the 2026 RKAB approval for PT Gerbang Multi Sejahtera (PT GMS) due to allegations of illegal nickel ore sales in 2022 using "flying documents" from PT Wijaya Inti Nusantara (PT WIN). Executive Director Muhammad Ikbal Laribae characterized the suspected practice as a serious mining crime that causes state losses, calling for an immediate audit by the Directorate General of Minerals and Coal and warning of potential mass protests and reports to the KPK (Anti-Corruption Commission) if the government fails to take firm action against such illicit mining activities.

According to SMM, Indonesian Investment Minister Rosan Perkasa Roeslani revealed during a hearing with House Commission XII that a major stainless steel smelter in Indonesia, which has been commercially operational since 2017, has failed to submit its mandatory LKPM (Investment Activity Report) for 8 consecutive years. Implications: The LKPM is a legally required quarterly report covering investment realization, labor, production data, and partnerships. Due to this non-compliance, the Indonesian government admits it lacks official data on the smelter's actual investment realization, forcing regulators to rely solely on "incidental supervision" to gather information.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 04 Feb , 2026