Spot EMM Holders Insist on High Quotes Driven by Market Sentiment

SHANGHAI, Feb 23 (SMM) - On February 23, prices of EMM in the main producing region across China stood at 15,500-15,700 yuan/mt, up 200 yuan/mt from the previous trading day. The FOB prices stabilised at $2,250-2280/mt. The confirmation of the spot price of 15,700 yuan/mt drove the spot trading. The market saw no low-priced spot EMM. High-priced transactions were made urgently, and the quantity was small. In addition, according to SMM research, some large EMM manufacturers are currently focusing on order delivery. The market got rare spot EMM, enabling the cargo holders to quote higher. The spot EMM prices can be guided with the launch of stainless steel bid in March afterwards. Holders held their prices firm under the guidance of market sentiment, which can barely be supported by supply and demand. If bid price of stainless steel is lowered or demand weakens, EMM prices may fall.