The spot price of EMM remains firm, with strong wait-and-see sentiment [SMM EMM Daily Review]

[SMM EMM Daily Review: EMM spot prices remain firm amid strong wait-and-see sentiment] The average spot price of EMM in major production areas is 13,500-13,600 yuan/mt, unchanged MoM; the average FOB price is $1,890-$1,930/mt, unchanged MoM. Supply side, most EMM plants have long-term contract deliveries, and low-priced spot cargo available in the market is scarce, leading most plants to hold back from selling. Demand side, downstream steel mills are still in the traditional off-season, and procurement remains cautious, with low acceptance of high-priced EMM, resulting in fewer inquiries in the overall market. Therefore, EMM spot prices remain firm, with strong wait-and-see sentiment in the market and a lack of sufficient upward momentum.