SHANGHAI, May 24 (SMM) -- Mainstream offers for EMM were between RMB 14,500-14,600/mt today. Demand for EMM continued to be sluggish, and low-priced supply of EMM was frequently reported in the market.
According to SMM sources, stainless steel continued to be sluggish, and domestic #200 stainless steel mills may gradually begin to conduct unit maintenance and halt production. The weak EMM market may not improve in the short term.
According SMM sources, prices of major raw material like ore powder were still stable at high levels, and most producers felt the significant increased pressure of cost when EMM prices were down. According to an official from Hunan province, current traded prices were already lower than cost level at most producers, and some pessimistic producers had already planned to halt production after selling products at low prices. If prices continued to be sluggish, more and more EMM producers will gradually suspend production.
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