EMM prices remain stable, supported by firm costs [SMM EMM Daily Review]

[SMM EMM Daily Review: EMM Market Remains Stable with Lack of Upward Momentum in Prices] The average spot price of EMM in major producing areas ranges from 13,500 to 13,600 yuan/mt, unchanged MoM; the average FOB price ranges from $1,890 to $1,930/mt, also unchanged MoM. From the supply side, EMM producers are currently focusing on fulfilling long-term contracts, resulting in a relatively scarce supply in the spot market. Meanwhile, producers hold optimistic expectations for future prices and, to secure greater profit margins, most have chosen to halt quoting prices. On the demand side, downstream steel mills remain in the traditional off-season in August. Despite positive macro policy news, the market sentiment remains predominantly wait-and-see, with steel mills maintaining a cautious approach to raw material procurement, making it difficult to achieve breakthroughs in high-volume transactions. Cost side, the support from raw materials remains strong in August. Specifically, the price of manganese carbonate ore remains firm, and the phosphate fertiliser market downstream of sulphuric acid is set to enter the peak demand season, implying that sulphuric acid prices are unlikely to decline, thereby providing strong support for EMM costs.