EMM Production Edged Up in September, Growth Momentum Expected to Continue in October

In September 2025, EMM production showed an upward trend MoM. On one hand, the downstream stainless steel market ended its previous decline and rebounded, while macro-level policies released positive signals. Under this dual effect, market confidence in stainless steel steadily recovered this month, and the scale of procurement transactions expanded compared to earlier periods. This trend, in turn, boosted EMM procurement demand, prompting manganese plants to increase their production schedules. On the other hand, some manganese plants that had previously undergone maintenance shutdowns resumed normal operation, which also provided a slight boost to market activity. Looking ahead to October 2025, as the traditional September-October peak season continues, although the recovery pace in downstream end-use consumption has not yet met expectations, demand in the infrastructure and real estate sectors is gradually being released. Market demand is expected to remain on a recovery track. Considering various factors, EMM production in October is anticipated to achieve further growth MoM.