SHANGHAI, Mar. 16 (SMM) -- Today, mainstream offers of EMM were in the RMB 14,800-15,000/mt range. Middlemen gradually entered market to make purchases, attracted by low-priced supply. Downstream stainless steel mills still made purchases cautiously due to sluggish condition in the industry.
According to SMM sources, although EMM prices were near or fell below costs at producers without their own mines, transactions of EMM were still sluggish. Sluggish condition of downstream stainless steel mills is the major reason behind lackluster trading sentiment of EMM, and it still takes time for demand from downstream steel mills to improve.
In addition, although transactions are limited due to sluggish downstream demand, costs at producers still hover at high levels. High costs will strongly support EMM prices in the short term, and domestic EMM prices will not have much room to fall significantly.
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