SHANGHAI, Mar. 25 (SMM) – Early last week, domestic EMM prices fell from RMB 13,300-13,500/mt to RMB 13,300/mt, but EMM pries later advanced to RMB 13,400-13,500/mt with the recovery of downstream demand.
According to SMM sources, operating rates at China EMM producers rose to 45%, and are expected to rise further. However, demand from China’s #200 stainless steel sector remained sluggish. SMM believes that the soft downstream demand will weigh on EMM prices to fall further after stainless steel mills finished biding for steel. SMM expects that EMM prices will stabilize around RMB 13,500/mt if stainless steel mills begin bidding for steel.