SHANGHAI, May 11 (SMM) –Mainstream traded prices for EMM in China took a freefall to below RMB 10,200/mt in the week ending May 8, down as much as over RMB 500/mt. A few cash-hungry producers even sold at less than RMB 10,000/mt. Many #200 stainless steel mills cut output, and some even halve their output, hurting EMM demand. Overseas demand has shown no signs of a turnaround.
More EMM producers will cut or halt production against dramatic price fall. This, combined with cost support, should help limit any potential downside room in EMM prices this week.