Spot EMM Cargo Supply Tight, Prices Continue to Rise [SMM EMM Daily Review]

October 27 – The average spot price of EMM in major producing areas was 13,900–14,100 yuan/mt, while the average export FOB price remained at $2,050–2,100/mt.

Currently, EMM producers are prioritizing the fulfillment and delivery of long-term contracts. Some producers, optimistic about future market conditions, have suspended offers to lock in higher profit margins, further boosting EMM prices. Demand shows a diverging trend: although the stainless steel market is in the traditional peak consumption period of the September-October peak season, actual demand has fallen short of expectations, providing limited boost to EMM demand. In contrast, demand in the special steel market has grown strongly, becoming the core driver of EMM demand. Additionally, Mn3O4 producers, lacking long-term contract support, have had to purchase spot cargo at high prices. Meanwhile, overseas markets have entered their traditional peak consumption season, with demand increasing significantly, driving up EMM FOB prices.