SMM

[SMM EMM Daily Review: Strong wait-and-see sentiment at the beginning of the week, EMM prices remain stable] The average spot price of EMM in major producing areas was 13,500-13,600 yuan/mt, unchanged MoM; the average FOB price was $1,890-$1,930/mt, unchanged MoM. HBIS Group's August tender: EMM priced at 14,150 yuan/mt, up 100 yuan/mt from the previous round (priced at 14,050 yuan/mt in July). Influenced by this news, EMM producers may raise their quotes to seek greater profit margins. However, demand side, despite the positive impact of macro policies, downstream steel mills remained in the traditional off-season in August, with strong wait-and-see sentiment in the market and a cautious attitude towards raw material procurement, making it difficult to achieve breakthroughs in high-priced transactions. At the beginning of this week, this wait-and-see sentiment remained evident, with spot prices remaining stable.