The Meeting Is Approaching, and the Market Remains Largely in a Wait-and-See Mode [SMM EMM Daily Review]

[SMM EMM Daily Review: Meeting Approaching, Market Mostly Wait-and-See] The average spot price of EMM in major production areas was 13,350-13,550 yuan/mt, flat MoM; the average FOB price was $1,855-1,885/mt, also flat MoM. Supply side, the market at the beginning of the week mostly adopted a wait-and-see attitude, with weak willingness for active quotations, as many awaited the upcoming alliance meeting for price guidance. Demand side, steel mills were cautious in procuring EMM at the beginning of the week, and market inquiries were relatively quiet. Attention should be paid to the upcoming alliance meeting and the actual demand for EMM from downstream steel mills.