SMM

[SMM EMM Daily Review: Tug-of-War Between Supply and Demand, EMM Temporarily Stable] 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, quotes from EMM holders slightly loosened, but EMM plants maintained firm external quotes, with weak willingness to sell at low prices. Demand side, downstream inquiries were relatively active, with increased enthusiasm for EMM procurement, but acceptance of high-priced EMM remained low, leading to slow follow-up in actual transactions. Currently, EMM is in a tug-of-war between supply and demand, with spot prices temporarily stable.