SMM

The average spot price of EMM in the main production areas was 12,700-12,900 yuan/mt, flat MoM; the average FOB price was $1,795-1,825/mt, flat MoM. After a slight price drop at the beginning of the week, EMM prices remained stable. Supply side, as raw material prices remained high, EMM production costs were still at a high level. Supported by costs, some EMM producers maintained firm quotations, but actual transactions were sluggish. Demand side, downstream steel mills showed weak enthusiasm for EMM procurement, with a tendency to press prices. The bidding prices of steel mills were weak. Currently, supply and demand are in a stalemate, and attention should be paid to future changes in supply and demand.