SMM

[SMM Daily Review on EMM: Market Mostly Wait-and-See, Spot Market 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, EMM plant quotations remained firm, with strong reluctance to sell, making low-priced cargoes hard to find in the market. Demand side, domestic downstream inquiries were active, with actual transactions gradually following up. Export side, overseas inquiries were active, but acceptance of high-priced quotations was weak, leading to slow transaction follow-up in the market.