Downstream Purchase Remains Weak, EMM Stays Consolidated [SMM EMM Daily Review]

[SMM Daily Review on EMM: Weak Downstream Purchases, EMM Remains Consolidated] The average spot price of EMM in major production areas was 12,400-12,600 yuan/mt, flat MoM; the average FOB price was $1,700-1,740/mt, also flat MoM. EMM quotes remained relatively chaotic, with EMM plants holding back supplies and quoting at high levels. Spot cargoes in the market were limited, and traders showed strong sentiment to stand firm on quotes, with their offers also at high levels. Demand side, as the Chinese New Year approaches, downstream purchases of EMM have weakened, and market transactions were sluggish.