SMM EMM Weekly Price Review and Forecast (Apr. 8-11, 2014)

SHANGHAI, Apr. 8 (SMM) – In China’s EMM market, mainstream traded prices extended losses last week, down to RMB 11,800-11,900/mt. A few producers sold at RMB 11,700/mt under long-term contracts. Suppliers were reluctant to sell at lower prices, while traders were unwilling to buy at high prices, leaving trading thin.

The drop in operating rates at EMM producers is limited. Demand from #200 stainless steel mills will remain soft. In this context, SMM sees EMM prices trading below RMB 11,800/mt this week.