SHANGHAI, July 15 (SMM) -- Mainstream offers of EMM were between RMB 14,500-14,600/mt today. Producers' unwilling to move goods grew from increased trading volumes when prices fell to RMB 14,400/mt, and most EMM producers in Xiushan region were reluctant to move goods at prices below RMB 145,000/mt.
According to SMM survey, current operating rates at EMM producers in Guangxi province were 46%, and operating rates at producers in Hunan province were 34%. Some producers have already halted production for more than a month, leading to significant reduces of market supply.
According to SMM sources, some #200 stainless steel mills are still conducting unit maintenance or on production suspension, and demand for EMM continue waning. However, purchases from traders began to increase when EMM prices fell below RMB 145,000/mt. According to a trader in Ningbo, it is appropriate to make some replenishment at present. Although current market is sluggish, any room for EMM prices to fall further will be limited.
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