Strong Sentiment to Stand Firm on EMM Quotes, Market Mostly Adopts a Wait-and-See Attitude [SMM Daily Review on EMM]

Published: Jan 21, 2025 14:04

Save

[SMM EMM Daily Review: Strong Sentiment to Stand Firm on Quotes, Market Mostly Observing] The average spot price of EMM in major production areas was 12,400-12,600 yuan/mt, flat MoM; the average FOB price was $1,700-1,740/mt, also flat MoM. Currently, EMM quotations appear somewhat chaotic, with holders showing weak willingness to sell at low prices and a strong sentiment to stand firm on quotes. Export quotations for EMM continued to rise, with market quotes reaching as high as 13,000 yuan/mt, but actual transaction details await market feedback. As the Chinese New Year approaches, rising freight costs and transportation difficulties are expected to result in a relatively quiet purchasing situation for EMM this week, with limited upside room for EMM prices in the near term.

January 21 News: The average spot price of EMM in major production areas was 12,400-12,600 yuan/mt, flat MoM; the average FOB price was $1,700-1,740/mt, also flat MoM. Currently, EMM quotations appear slightly chaotic, with holders showing weak willingness to sell at low prices and strong sentiment to stand firm on quotes. Export quotations for EMM continued to rise, with market quotes reaching as high as 13,000 yuan/mt, but actual transaction conditions await market feedback. As the Chinese New Year approaches, rising freight costs and transportation difficulties are expected to result in a relatively quiet purchasing situation for EMM this week, with limited upside room for EMM prices in the future.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

3 hours ago

[SMM Steel] Indian rupee steadies amid hedging demand and geopolitical risks

[SMM Steel] The Indian rupee closed nearly unchanged at 93.06 per US dollar, supported by dollar sales from position unwinding but capped by importer hedging demand amid uncertainty linked to the Iran conflict. The currency had rebounded earlier after intervention signals from the Reserve Bank of India, recovering from a record low of 95.21.

3 hours ago

[SMM Steel] EUROFER calls for CBAM refinements ahead of CO₂ price announcement

[SMM Steel] European Steel Association urged the EU to refine the Carbon Border Adjustment Mechanism before the first CO₂ price publication on April 7, 2026. The association called for expanding product coverage, closing loopholes, strengthening traceability, and accelerating decarbonization funding. EUROFER warned that without adjustments, CBAM may shift emissions outside Europe rather than reduce them, while failing to ensure fair competition for EU steelmakers.

3 hours ago

[SMM Steel] EU semi-finished steel imports jump in 2025, led by China

[SMM Steel] EU imports of semi-finished steel rose 34.6% YoY to 8.91 million mt in 2025, with slabs up 28.6% and square billets surging 51%. Russia remained the largest supplier (41.8%), while China recorded the fastest growth, with shipments increasing 134.5% YoY to 1.5 million mt. Brazil and Vietnam also expanded exports, highlighting stronger reliance on external supply amid cost-driven procurement by European rolling mills.

3 hours ago