SMM

[SMM EMM Daily Review: EMM spot prices rise and then stabilize, awaiting further guidance] The average spot price of EMM in major producing areas is 13,500-13,650 yuan/mt, up 25 yuan/mt MoM; the average FOB price is $1,890-$1,930/mt, unchanged MoM. The tender price for EMM set by HBIS Group in August is 14,150 yuan/mt, up 100 yuan/mt from the July price (14,050 yuan/mt), injecting some positive sentiment into the market. On the raw material side, the prices of manganese carbonate ore and sulphuric acid remain high, providing strong cost support for EMM, and manufacturers show a strong reluctance to budge on prices. Despite the positive macro policies on the demand side, downstream steel mills are still in the traditional off-season in August, with a strong wait-and-see sentiment in the market. Raw material procurement attitudes are cautious, and it is difficult to sustain high-level transactions. Overall, it is expected that EMM prices will remain stable in the short term, with insufficient upward momentum. The subsequent trend will depend on guidance from the demand side.