SHANGHAI, July 12 (SMM) -- Mainstream offers of EMM were between RMB 14,400-14,600/mt and transactions of EMM were sluggish on Monday.
According to a SMM survey, downstream stainless steel mills only made purchases on an as-needed basis, and purchasing volumes from traders were down significantly. Traders who previously replenish stock between 35-70mt, only purchase 1/10 of previous purchasing volumes at present, and they also made purchases collectively in a group with 5-7 members. A trader told that goods have moved very slowly currently, and the sluggish transactions made downstream purchasers remain cautiously.
According to SMM sources, operating rates at major EMM producers were below 50%, and the operating rates were extremely low in Xiangxi region, Hunnan province at 34%. In addition, local producers had no plan to resume production, and operating rates are expected to stay stably at low levels. It is expected that supply of goods is expected to fall further.
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