The spot price of EMM remains stable temporarily, with many producers holding back from selling [SMM EMM Daily Review]

July 29 news: The average spot price of EMM in major production areas was 13,500-13,600 yuan/mt, unchanged MoM; the average FOB price was $1,880-$1,920/mt, unchanged MoM. Most EMM plants focused on the execution of long-term contracts, with relatively limited spot cargo circulation in the market, and generally adopted a strategy of holding back from selling. Downstream steel mills are currently in the traditional consumption off-season. The shrinking demand for steel from end-users has led to low enthusiasm for raw material procurement among steel mills, which mainly restock on a need-based basis with small quantities, making it difficult to effectively boost market transactions.