SHANGHAI, Oct. 27 (SMM) – In China’s EMM market, a few large producers held offers firm at RMB 13,000/mt in the week ending October 24, but most kept offers between RMB 12,850-12,900/mt. Stainless steel mills will purchase EMM at the month’s end for delivery in November, and traders are scheduled to deliver goods at the end of the month. This allowed EMM producers to refrain from cutting prices. Demand from Europe, Japan and South Korea was soft. Some market players understand that overseas buyers are unlikely to buy in large amounts for the near term.
The commissioning of new EMM capacity will put downstream pressure on EMM prices. But upcoming bid invitation from stainless steel mills will prevent EMM prices from falling sharply.