SHANGHAI, Jan. 11 (SMM) -- Today, mainstream offers of EMM were in the RMB 14,800-15,000/mt range, and purchasing demand from downstream companies was sluggish. However, prices received support at upstream producers due to high costs and tight supply of electric power. In this context, domestic EMM prices stagnated temporarily.
It was reported, stainless steel mills which were expected to bring a around of purchase, haven't replenished stock before the Chinese New Year holiday; although ferromanganese producers did have purchasing need, they adopted a wait-and-see attitude due to steady climb of EMM prices; middlemen made purchase only upon receiving orders from clients due to unclear market trend.
It was reported, currently costs at EMM producers were at high levels, and prices of production materials like ore powder, sulfuric acid, selenium dioxide and electric power remained stable at high levels. Costs will not likely to decline before the Chinese New Year holiday; in addition, currently supply of electric power was still tight, supply of electric power is also expected to under restriction in Xiushan of Chongqing and Hunnan province where power restriction policy hasn't implemented yet. In this context, supply of EMM may decline further.
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