SMM data shows that China produced 97,500 mt of EMM in December, down 0.29% MoM but up 12.11% YoY. EMM output in 2023 totalled some 1.0692 million mt, up 36.53% YoY. The main reason for slight output slip in December was shutdown of some EMM plants in Hunan and Hubei. But meanwhile, there was production hike and restart of EMM plants in Guangxi and Guizhou. Demand: Crude stainless steel in China increased in December, of which output of 200 series kept dipping while that of 300 series hiked. Intensive bids from steel mills for January and February offered acceptable support for EMM demand.
In January, EMM plants will keep the operating rate of 70%, while some planned not to produce goods until after the Lunar New Year. Therefore, the overall EMM supply will switch to diminish. According to SMM survey, EMM output may be some 92,300 mt in January.
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