SHANGHAI, Mar. 9 (SMM) – EMM in China traded lower to RMB 11,700-11,900/mt in the week ending March 6. Steel mills cut EMM bid prices for delivery in March. Large EMM producers held offers firm at RMB 11,900/mt, while SMEs held offers at RMB 11,700/mt. Traders were cautious about stockpiling goods out of pessimism. Export market was also depressed.
Growing supply will weigh on EMM prices this week, but cost support will help curb the downside room.