SMM

[SMM Daily Review on EMM: Lukewarm Purchases in the Market, Spot Market Remains Stable] The average spot price of EMM in major production areas stood at 13,300-13,500 yuan/mt, flat MoM; FOB average price was $1,840-1,860/mt, also flat MoM. Supply side, EMM plants focused on fulfilling long-term contracts, with weak willingness to sell at low prices. Demand side, although inquiries from downstream steel mills were active, actual transactions remained sluggish. The supply surplus in EMM has not fundamentally changed, and spot prices remain stable.