EMM Market Struggles to Break Off-Season Pattern Prices Remain Stable [SMM EMM Daily Review]

On August 25, the average spot price of EMM in the main production areas was 13,500-13,650 yuan/mt, flat MoM; the average FOB export price remained at $1,900-1,940/mt, also flat MoM. Cost side, the prices of key raw materials, manganese carbonate ore and sulphuric acid, continued to fluctuate at highs, with EMM plants showing a strong reluctance to budge on prices, expecting the high cost trend to persist, leading to a continuous scarcity of low-priced supplies. Demand side, there is a contradiction between "policy support and off-season reality." Although the policy benefits released from a macro perspective have injected some confidence into the market, potentially supporting long-term recovery in downstream demand, in terms of short-term actual demand, steel mills are still in the traditional consumption off-season in August, with production slowing down and uncertainty about future market trends, resulting in a strong wait-and-see sentiment among steel mills, limiting the price-boosting effect.