SMM

[SMM EMM Daily Review: EMM Market Remains Stable with Limited Upward Momentum] The average spot price of EMM in major producing regions stood at 13,500-13,600 yuan/mt, flat MoM. The average FOB price was $1,890-1,930/mt, unchanged MoM. Supply side, most EMM plants maintained long-term contract deliveries, resulting in relatively scarce spot cargo circulation. EMM producers remain optimistic about future prices, with the majority choosing to hold back from selling to secure greater profit margins. Demand side, downstream steel mills remained in the traditional off-season in August. Despite favorable macro policies, market sentiment was dominated by a wait-and-see approach, with raw material procurement remaining cautious. High-price transactions faced difficulties in breaking through, leaving the EMM market lacking upward momentum and trapped in a stalemate of "neither high nor low.