SMM

[SMM Weekly Review: Strong Sentiment to Stand Firm on Quotes Among EMM Plants, Spot Prices Fluctuate Upward] As of this Friday, the domestic average spot price of EMM was 13,500-13,700 yuan/mt, up 200 yuan/mt MoM; FOB prices were $1,880-1,900/mt, up $40/mt MoM. According to SMM, in terms of supply, market sentiment for EMM pulled back at the beginning of the week, with many traders selling at low prices. Later, influenced by news of high-price purchases, the market adopted a wait-and-see sentiment, with slightly chaotic quotations and weak willingness for active quoting. On the demand side, downstream steel mills were cautious in procuring EMM, with some mills making just-in-time procurement. Overall, guided by the sentiment to stand firm on quotes, spot prices fluctuated upward during the week.