SHANGHAI, May 18 (SMM) – Mainstream traded prices for EMM in China fell slightly to around RMB 10,000/mt in the week ending May 15. EMM producers that just closed focused on selling down inventories on hand. EMM producers that remain in production were unwilling to sell at much lower prices. Major #200 stainless steel mills cut production, causing EMM consumption to fall by over 20%. Overseas demand also weakened significantly.
Operating rates at EMM producers are extremely low, which will underpin EMM prices. However, demand also fell, so EMM prices are unlikely to go up.