SHANGHAI, Feb. 9 (SMM) -- Today, mainstream offers of EMM were in the RMB 14,600-14,800/mt range. Trading sentiment was sluggish with the approach of the Chinese New Year Holiday, many producers were eager to move goods for cash due to cash flow pressure, and offers as low as RMB 14,500/mt were also heard in the market.
It was reported that around 30% market players believe that EMM prices will decline after the Chinese New Year Holiday due to weak support from costs and ample supply of goods after the Chinese New Year Holiday. Around 57% market players believe that domestic EMM prices will fluctuate narrowly since stainless steel mills have to make purchase in order to keep normal production but supply of goods will be ample in the market. 13% market players believe that domestic EMM prices will be on upward track after stagnant performance. Although most EMM producers will keep on production during the Chinese New Holiday, newly-added output will not exert pressure on manganese market as current output is prepared for long term contract. While, most stainless steel mills almost have no inventories on hands, and prices of EMM shall move up once stainless steel mills resume production.
(Sample: 15 companies, 10 producers and 5 traders)
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