EMM Spot Trades May Stall with Low-Priced Spot Supplies Draining

SHANGHAI, Feb 22 (SMM) - On February 22, the average price of spot EMM in the main producing regions across China stood at 15,300-15,500 yuan/mt, flat from the previous trading day, while the FOB prices were $2,250-2,280/mt, down $10/mt. Manufacturers held their quotes firms mainly at 15,700 yuan/mt, according to SMM survey, though some resources with inferior quality were traded at 15,600 yuan/mt in three major EMM producing regions (Songtao in Guizhou, Huayuan in Hunan, and Xiushan in Chongqing).

The market was still in a stalemate as Hualing Steep Pipe cancelled the bid inviation for EMM.

If the bid prices in March climb, the market confidence may improve, but the conflict between oversupply and sluggish demand will remain a tricky issue. It is forecast that EMM prices will hardly rise.