SHANGHAI, Aug. 6 (SMM) --
Stainless steel industry is not sluggish, and purchases will continue to be lackluster. Traders will also largely adopt a wait-and-see attitude as no bullish market sentiment is reported. Purchases may increase in the month prior to the end of the Summer break.
Producers that had halted production will largely adopt a wait-and-see attitude may have plan to resume operation in September. Supply of goods from main EMM producing regions is reducing. Supply of ore powder is tight and prices of ore powder are at high levels, which will not only affect EMM output but will also continue to underpin EMM prices.
Domestic EMM prices have momentum to climb slightly at a stable pace under the context of expected growth of overseas demand and domestic tight supply. However, any room for EMM prices to climb further is limited given current sluggish situation in China.
SMM believes that EMM price may experience corrections again when reach RMB 15,000/mt in the following week.
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