Transaction Follow-Up Slows Down, EMM Faces Upward Pressure [SMM Daily EMM Review]

[SMM Daily Review on EMM: Slow Transaction Follow-Up, EMM Faces Upward Pressure] The average spot price of EMM in major production areas was 13,300-13,500 yuan/mt, up 100 yuan/mt MoM; the average FOB price was $1,840-1,860/mt, up $20/mt MoM. Supply side, EMM plant quotations remained firm, with a strong tendency to hold back goods, making low-priced sources hard to find in the market. Demand side, downstream steel mills mostly adopted a wait-and-see attitude, showing low acceptance of high-priced EMM. Actual transaction follow-up was slow, and EMM faced upward pressure. Attention should be paid to changes in actual demand from downstream steel mills in the future.