SHANGHAI, Mar. 30 -- Mainstream offers of EMM were in the RMB 15,100-15,300/mt range in China on March 30th, producers slightly lifted offers due to increased transactions.
It was reported that stagnant sentiment between suppliers and purchasers hasn't improved at all, and related news in the market became the major driving force to affect China's EMM prices. Domestic EMM prices were pushed up by expectation of steel price increases due to speculation on higher iron ore prices, and EMM prices were also pushed up by nickel price hikes. However, the concern that whether EMM prices shall have strong momentum to rise further or not still falters most market insiders' confidence.
It was also reported that EMM prices slightly moved up, but stainless steel mills still purchased goods on an as-needed basis. However, traders who were relatively active when market was stagnant also became cautious to purchase goods. According to a trader in Dainan, "EMM transactions were still sluggish in Dainan due to quiet situation in stainless steel market, and traders don't make purchase in a large amount. Current stagnant EMM market squeezes traders' profit, so purchasing interest from traders also decline to some extent."
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