Downstream demand remained weak during the week, and spot prices remained stable. [SMM EMM Weekly Review]

【SMM Weekly Review: Weak Downstream Demand, Spot Prices Remain Stable】The average spot price of domestic EMM was 13,300-13,500 yuan/mt, flat WoW. The FOB price was $1,845-1,875/mt, flat WoW. According to SMM, on the supply side, affected by rising raw material costs, the production cost support for EMM strengthened, and EMM plants showed a weak willingness to sell at low prices. Some EMM plants still held back from selling, focusing on fulfilling long-term contract orders. On the demand side, downstream steel mills showed weak purchasing enthusiasm for EMM, and the traditional "Golden March, Silver April" peak demand season fell short of expectations, causing EMM spot prices to struggle to rise. Attention should be paid to changes in downstream demand in the future.