Some EMM Plants Suspended Taking Orders After Disappointing Bid Prices from Steel Mills

SHANGHAI, Mar 31 (SMM) - As of March 31, the average spot EMM price in China’s main producing areas was flat from yesterday at 17,000 yuan/mt, and the FOB price was also unchanged at $2,700-2,90/mt.       

According to SMM statistics, the average domestic spot price of EMM in March was 26,930 yuan/mt, down 31.4% month-on-month. The average export FOB price in March fell 30% month-on-month to $4,389/mt. The bid prices of some steel mills were as low as 15,000 yuan/mt. In response to continuously falling market prices, some EMM plants have suspended making quotations and taking orders, while others held offers at above 16,000 yuan/mt. SMM expects EMM prices to stabilise before the upcoming Qingming Festival amid strong wait-ad-see sentiment.