The Market Sentiment to Stand Firm on Quotes Is High, with All Parties Mostly Adopting a Wait-and-See Attitude [SMM EMM Daily Review]

[SMM Daily Review on EMM: Strong Sentiment to Stand Firm on Quotes, Market Participants Mostly on the Sidelines] The average spot price of EMM in major production areas was 12,700-12,900 yuan/mt, up 200 yuan/mt MoM; the average FOB price was $1,750-1,790/mt, up $30/mt MoM. Supply side, many EMM plants held back from selling with a strong reluctance to sell. Some EMM plants offered quotes mostly above 13,000 yuan/mt, but actual transactions have yet to follow. Downstream steel mills gradually resumed operations but remained cautious about purchasing high-priced EMM. In the overseas market, inquiries were active, but exporters mostly held back from selling, leading to sluggish actual transactions. EMM holders showed a strong sentiment to stand firm on quotes, while market participants mostly stayed on the sidelines.