Pre-Holiday Sentiment to Stand Firm on Quotes Runs High, Low-Priced Supplies Hard to Find in the Market [SMM EMM Daily Review]

[SMM Daily Review on EMM: Strong Sentiment to Stand Firm on Quotes Before the Chinese New Year, Low-Priced Cargoes Hard to Find] The average spot price of EMM in major production areas was 12,400-12,500 yuan/mt, up 50 yuan/mt MoM; the average FOB price was $1,700-1,740/mt, flat MoM. Supply side, EMM plants maintained firm quotes with a strong sentiment to withhold cargoes. Medium and large manganese plants mainly fulfilled long-term contracts, with no low-priced spot orders available, making low-priced cargoes hard to find in the market. Demand side, downstream buyers were active in inquiries, but actual transactions were moderate. As the Chinese New Year approaches, many steel mills are preparing for shutdowns and maintenance, leading to weaker demand for EMM.