SHANGHAI, Oct. 24 (SMM) – The price of EMM in China’s domestic spot market is expected to stabilize, but no gains are in sight, Shanghai Metals Market foresees.
EMM prices were largely in the 12,700-12,800 yuan per tonne range on Oct. 24, with no high prices heard.
Tight month-end liquidities and growing supply pressured some suppliers to cut sales prices, but a new round of bidding price from steel mills allowed cargo-holders, facing no big cash pressures, tried to hold prices stable, SMM understood.
On the downstream sector front, the price of #200 stainless steel, containing high Ni, dropped sharply with falling nickel prices, with #202 down 600 yuan/tonne. The price of products with high Mn content, by contrast, fell only slightly, according to SMM data.
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