Latest Steel Bid Price Intensifies the Wait-and-See and Bearish Sentiment in the Spot EMM Market

SHANGHAI, Feb 17 (SMM) - On February 17, the average price of spot EMM in the main producing regions across China stood at 15,100-15,300 yuan/mt, flat from the previous trading day. The FOB prices stabilised at $2,250-2,300/mt. Affected by the latest steel bid price, the trade prices moved down, intensifying the wait-and-see and bearish sentiment in the market. EMM supply was normal, and the daily output rose. Stainless steel mills were cautious in production due to the inventory pressure. And they also cast huge pressure on the raw material side since the producers suffered losses. The price trend of EMM in the near future is closely related to the results of the alliance meeting this time.