SHANGHAI, Jun. 13 (SMM) –EMM prices in China rose further to around RMB 10,800/mt as of this past Friday. Some EMM producers have reopened to capitalize on rising prices, and a small number of EMM producers are planning to follow suit. Operating rates at some large EMM producers increased slightly compared with late May, but operating rates at most medium and large EMM producers changed little from May. A few EMM producers are willing to sell at near their production costs, while some loss-making producers are awaiting even higher prices. Some traders expect the recent EMM price rise to be unsustainable since market supply remains in surplus. Export prices also rose, but higher prices curbed buying interest of overseas buyers.
SMM expects that there is a good chance for EMM prices to rise next week since many EMM producers will hold back goods at lows. Rising prices might encourage some EMM producers to resume production.
