SHANGHAI, Mar. 17 (SMM) -- Today, mainstream offers of EMM were in the RMB 14,800-15,000/mt range. High costs at EMM producers strongly prevent EMM prices from declining.
It was reported that domestic EMM prices have lingered at low levels due to sluggish demand but oversupply of EMM, but any downward room for EMM prices will be limited by virtue of high costs that are unlikely to fall in the near ter. Whether or not EMM prices will move up shall depend on market demand. Market fundamentals revealed that current stainless steel industry and alloy industry were in sluggish situation and will not likely to improve temporarily. Demand in EMM market may hard to improve and market players pin their hopes on export market.
It was reported that traded prices in current EMM market were slightly low, while costs were still high at EMM producers. In this context, most EMM producers were in a dilemma, and more and more producers may suspend production if prices continue to stay at current level.
SMM will pay close attention to the downstream demand and operating rates at downstream producers.
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