SMM

[SMM Daily Review on EMM: EMM Remains Stable, Market Sentiment Mostly Wait-and-See] The average spot price of EMM in major production areas was 13,300-13,500 yuan/mt, flat MoM; the average FOB price was $1,840-1,860/mt, also flat MoM. Supply side, EMM plants maintained a bullish sentiment with relatively weak willingness to sell at low prices. EMM plant production remained relatively small in fluctuation. Demand side, downstream steel mills showed increased enthusiasm for procurement, with active inquiries for EMM, but actual transactions were relatively sluggish.