Market participants are mostly waiting for the progress of steel tenders, with spot prices remaining stable for the time being. [SMM EMM Daily Review]

[SMM EMM Daily Review: Market Awaits Progress of Steel Tenders, Spot Prices Remain Stable] The average spot price of EMM in major producing areas is 13,350-13,500 yuan/mt, unchanged MoM; the average FOB price is $1,870-1,900/mt, unchanged MoM. Supply side, EMM plants are offering relatively firm quotes, with weak willingness to sell at low prices. Traders still have room for negotiation based on actual orders. Demand side, downstream steel mills are currently cautious in purchasing EMM, and market participants are mostly awaiting the entry of steel tenders for guidance on future price trends. Currently, the market is mostly in a wait-and-see mood, with spot prices remaining stable.