Downstream acceptance of high-priced EMM is low, and spot price is under pressure [SMM EMM Weekly Review]

[SMM Weekly Review: Downstream Acceptance of High-Priced EMM Remains Low, Spot Prices Under Pressure] As of Friday this week, the domestic average spot price of EMM was 13,400-13,500 yuan/mt, down 25 yuan/mt WoW from last Friday; the FOB price was 1,880-1,910 US dollars/mt, down $10/mt WoW from last Friday. According to SMM, on the supply side, EMM plants were mostly fulfilling long-term contract orders, resulting in slightly tight spot supply and firm quotations. Traders generally followed the quotations of manganese plants, but there was still room for negotiation based on actual spot prices. On the demand side, downstream steel mills were cautious in purchasing EMM, with buyers showing low acceptance of high-priced EMM. They often drove down prices when purchasing EMM, causing spot prices to decline under pressure.