This week, EMM demand was weak, and spot prices slightly declined [SMM EMM Weekly Review]

As of this Friday, the domestic EMM spot average price was 12,600-12,800 yuan/mt, down 200 yuan/mt WoW; FOB price was $1,780-1,810/mt, down $15/mt WoW. According to SMM, in terms of supply, the operating rate of most EMM plants fluctuated little this week, and EMM supply was sufficient. EMM plants' quotations were slightly higher than those of traders, but some EMM plants stopped quoting and mainly focused on fulfilling orders. Demand side, downstream demand remained weak this week, and EMM procurement was cautious, resulting in sluggish actual transactions. Cost side, the prices of sulfuric acid and selenium dioxide remained high this week, keeping EMM production costs at a high level. Supported by costs, some EMM plants maintained firm quotations. However, some EMM plants had a strong willingness to sell, quoting according to market conditions, which compressed profit margins. Overall, EMM prices slightly declined this week, and most industry participants had a bearish price outlook.