Cautious Sentiment Prevails at the Beginning of the Week, EMM Remains Stable [SMM EMM Daily Review]

[SMM Daily Review on EMM: Market Mainly Observing at the Beginning of the Week, EMM Remains Stable] The average spot price of EMM in major production areas was 12,300-12,400 yuan/mt, flat MoM; the average FOB price was $1,690-1,730/mt, also flat MoM. Supply side, EMM plants showed weak willingness to sell at low prices, with many holding back from selling. As the Chinese New Year approaches, traders were reluctant to lower prices, and their offers remained firm. Demand side, downstream steel mills were cautious in purchasing EMM, and trading activities were mostly based on actual orders, with weak willingness to stockpile before the holiday. In summary, the EMM market was mainly in a wait-and-see mode at the beginning of the week, with the spot market remaining stable.