SHANGHAI, Jan. 19 (SMM) – EMM prices in China held steady between RMB 11,800-12,000/mt in the week ending January 16. Most deals were done at the lower-end of the price range. Operating rates at EMM producers did not fall sharply. One large company put new capacity into trial in Songtao, yielding several hundred mt of EMM in half a month. Supply in spot market will grow after some producers fulfill term orders late this month. Traders are cautious about making purchases due to weak domestic and overseas demand.
Tight cash and slack demand might drag EMM prices down this week. But cost support will limit the downside space. EMM is expected to trade around RMB 11,800/mt.