Steel mills are in the off-season, and the spot price of EMM remains stable temporarily [SMM EMM Daily Review]

[SMM EMM Daily Review: Steel Mills in Off-Season, EMM Spot Prices Remain Stable] The average spot price of EMM in major production areas is 13,500-13,600 yuan/mt, unchanged MoM; the average FOB price is $1,880-$1,920/mt, unchanged MoM. Manufacturers are focusing on fulfilling long-term contracts, which has directly led to a relatively tight supply in the spot market. Manufacturers generally adopt a strategy of halting trading and not offering quotes for the time being. Demand side, steel mills are currently in the traditional off-season for consumption, significantly reducing their procurement enthusiasm. At present, steel mills are mostly conducting small-batch and phased restocking operations based on their actual needs. This cautious procurement attitude has made it difficult for the overall market transactions to achieve effective breakthroughs, and trading activity has been somewhat suppressed.