Spot price of electrolytic nickel on 21 April

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.