SHANGHAI, Jan. 21 (SMM) -- China’s EMM prices resumed upward momentum after New Year holiday due to tight supply caused by increased demand from overseas market following cancellation of export tariff and stock replenishments of Chinese steel mills.
However, EMM prices are expected to remain stable in the following week. Although inquiries for EMM increased, purchases for EMM remained soft considering the low operating rates at EMM producers, which was due to sourcing difficulty of raw material and leave of migrate workers during Chinese New Year holiday. Positive factor caused by tight supply will be offset by negative factor from soft demand. SMM thus expects that EMM prices will remain stable in the coming week.