SHANGHAI, Jul. 26 (SMM) – Mainstream EMM prices in Chinese markets were quoted between RMB 13,100-13,300/mt, and a small amount of market transactions were made at RMB 13,000/mt. Sluggish demand has caused domestic EMM prices to fall further.
According to SMM sources, domestic EMM demand tends to weaken further as some #200 stainless steel producers (including Lianzhong Stainless Steel Corporation and Baosteel) plan to conduct unit maintenance and scale back production during August.
Hence, SMM holds the view that, as EMM demand is likely to soften, and since operating rates at major Chinese EMM producers have not seen to fall noticeably, Chinese EMM prices will be pessimistic in the immediate future.