Downstream Procurement Enthusiasm Remains Weak, EMM Market Temporarily Stable [SMM EMM Daily Review]

[SMM Daily Review on EMM: Weak Purchasing Enthusiasm from Downstream, EMM Market Temporarily Stable] The average spot price of EMM in major production areas was 12,300-12,400 yuan/mt, flat MoM; the average FOB price was $1,700-1,740/mt, up $10/mt MoM. Supply side, EMM plants showed weak willingness to offer actively, with most fulfilling long-term contracts, and spot order transactions remained stable. Overseas market, exporters maintained firm offers with weak willingness to sell at low prices. Demand side, downstream steel mills slowed their stockpiling and purchasing pace before the Chinese New Year, showing weak enthusiasm for EMM procurement.