SMM

[SMM Daily Review on EMM: Strong Market Optimism, Spot Prices Rise Again] The average spot price of EMM in major production areas was 12,900-13,100 yuan/mt, up 200 yuan/mt MoM; the average FOB price was $1,790-1,810/mt, up $30/mt MoM. Supply side, EMM plants gradually resumed production, with a strong sentiment to stand firm on quotes and a weak willingness to actively offer prices externally. Demand side, downstream steel bidding gradually commenced, with all parties closely monitoring the progress of steel bidding. Currently, most industry participants remain cautious, with many maintaining an optimistic outlook for the market.