January 20: The average spot price of EMM in major production areas was 12,400-12,600 yuan/mt, flat MoM; the average FOB price was $1,700-1,740/mt, also flat MoM. Supply side, most EMM plants are holding back from selling, focusing on fulfilling long-term contracts during the week. Many traders are on holiday, with offers at a relatively high level. Demand side, downstream buyers showed low purchasing enthusiasm before the Chinese New Year, with limited acceptance of high-priced EMM.

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