Spot EMM Price Shows Significant Gains with Positive Market Sentiment [SMM EMM Daily Review]

Published: Oct 23, 2025 10:30

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October 22 – The average spot price of EMM in the main producing areas was 13,800–14,000 yuan/mt, while the average export FOB price remained at $2,050–2,100/mt. EMM spot prices experienced a significant rise, and the market showed a clear upward trend...

October 22 - The average spot price of EMM in the main producing areas was 13,800-14,000 yuan/mt, while the average export FOB price held steady at $2,050-2,100/mt. EMM spot prices saw a significant increase, with a notable upward trend in the market.

Supply side, EMM plants are currently prioritizing the fulfillment of long-term contracts, leading to a continuous tightening of available spot supply. Some producers, optimistic about future market conditions, have chosen to hold back from selling in order to lock in higher profit margins, further exacerbating the tight spot supply and driving prices upward.

Demand side, although showing divergence, support is evident: despite being in the traditional September-October peak season, stainless steel demand fell short of expectations, providing limited boost to EMM; however, special steel demand showed impressive growth, becoming the core driver of EMM demand. Additionally, Mn3O4 producers, lacking long-term contract support, had to purchase spot materials at high prices. Meanwhile, overseas markets entered their traditional peak consumption season, with demand rising significantly, pushing up EMM FOB prices and collectively supporting high-level spot transactions.

As month-end approaches, demand from downstream steel enterprises for EMM is expected to gradually rebound. At the same time, restocking demand from sectors such as Mn3O4 and manganese-aluminum alloys will also begin to emerge and be released.

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