SHANGHAI, Sept. 2 (SMM) – Growing output against stable demand will weigh EMM prices down in September. Prices in domestic market will average RMB 12,000/mt, while the FOB export price will average USD 2,000/mt.
SMM’s survey found that EMM output in China rose to 79,300 mt in August and is expected to grow further to 83,400 mt in September. Demand, however, will hold largely stable, with little chance of growing. On the one hand, major stainless steel producers’ purchasing of EMM in September will fall slightly. On the other hand, demand overseas will pick up slightly with the end of summer break.
SMM expects mainstream EMM prices to fall to RMB 12,300/mt in the coming week, dragged down by weak demand.