EMM prices rebounded as EMM plants showed a strong willingness to hold prices firm [SMM EMM Weekly Review]

As of May 31, the domestic EMM spot price averaged 13,000-13,200 yuan/mt, up 200 yuan/mt from the previous working day. The FOB price was $1,820-1,850/mt, up $20/mt from the previous working day. According to SMM, EMM prices held stable at the beginning of last week. However, with the price hike in other manganese products, EMM plants showed a strong willingness to raise prices. By May 31, the EMM spot market rebounded, with prices slightly increasing. At the beginning of the week, EMM supply was normal, and sellers were willing to sell. However, as EMM plants became more determined to hold their offers firm, with some suspending quotations, EMM spot supply was limited and low-price cargoes were scarce in the market. Downstream demand weakened, and steel mills were reluctant to accept high-priced EMM, resulting in cautious procurement. In the overseas market, EMM FOB prices remained high last week, with few inquiries. Some sellers quoted as high as $1,950/mt, but no transactions were made. Overall, EMM demand from end-users remains the current focus, with short-term attention on changes in downstream demand.