Spot Prices Drop Slightly as All Parties Remain in a Wait-and-See Attitude [SMM EMM Daily Review]

[SMM EMM Daily Review: Spot Prices Drop Slightly, Market Participants Mostly Hold a Wait-and-See Attitude] The average spot price of EMM in major production areas was 13,300-13,500 yuan/mt, down 50 yuan/mt MoM; the average FOB price was $1,845-1,875/mt, down $10/mt MoM. Supply side, some holders slightly lowered their offers, while EMM plants showed weak willingness to actively quote, mostly waiting for the upcoming alliance meeting to provide guidance on future prices. Demand side, steel mills were cautious in purchasing 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.