EMM Prices Extended Sharp Declines

SHANGHAI, Mar 16 (SMM) - The average spot price of EMM in China collapsed by 2,000-3,000 yuan/mt from yesterday to 23,500-27,000 yuan/mt on March 16. The FOB prices fell by $400/mt to $3,950-4,350/mt. In the first half of the week, some steel mills restocked manganese pellet at 25,000 yuan/mt, which is nearly 10,000 yuan/mt lower than their first round of purchase prices this month. The accelerated decline in EMM prices was due to poor demand and high inventory, which triggered bearish sell-off.