EMM Market "Strong Cost Support, Tight Supply, Mediocre Demand" [SMM EMM Daily Review]

Published: Aug 26, 2025 09:17

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[SMM EMM Daily Review: EMM Market "Strong Cost Support, Tight Supply, Mediocre Demand"] On August 26, the average spot price of EMM in major 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. On the raw material side, manganese carbonate ore prices remained high, with upstream miners showing a strong reluctance to budge on prices; key auxiliary materials such as sulphuric acid also held firm, with no signs of softening. Supply side, the scarcity of spot resources intensified, and liquidity continued to tighten. Mainstream companies focused on long-term contract deliveries, and some manufacturers, optimistic about the future market and aiming to lock in profits, generally held back from selling. Demand side, August is the traditional off-season for downstream steel mills, leading to cautious procurement, mainly based on restocking as needed. The acceptance of high-priced EMM was low, making it difficult to increase transactions at higher levels. Meanwhile, the demand for end-use products such as stainless steel had not substantially recovered, and weak consumption led to insufficient boost in EMM purchases, leaving the short-term mediocre demand situation unchanged.

On August 26, 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. On the raw material side, manganese carbonate ore prices remained high, with upstream miners showing a strong reluctance to budge on prices; key auxiliary materials such as sulphuric acid also held firm, with no signs of softening. Supply side, the scarcity of spot resources intensified, and liquidity continued to tighten, with major companies focusing on long-term contract deliveries, and some producers, optimistic about the future market and aiming to lock in profits, generally holding back from selling. Demand side, August is the traditional off-season for downstream steel mills, leading to cautious procurement, mainly "restocking as needed," with low acceptance of high-priced EMM, making it difficult to increase transactions at high levels; meanwhile, demand for end-use products such as stainless steel has not substantially recovered, and weak consumption has led to insufficient boost in EMM purchases, making it hard to change the current mediocre demand situation.

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