EMM Prices Maintained High and Stable [SMM EMM Daily Review]

November 3 – The average spot price of EMM in major producing areas was 13,900-14,100 yuan/mt, while the average FOB export price was $2,070-2,100/mt.

Supply side, EMM producers prioritized fulfilling long-term orders, leading to a continuous tightening of available spot resources. Some producers had no spot cargo available and maintained a hold-back-from-selling approach, further exacerbating the tight supply situation.

Demand side, although showing divergent characteristics, overall support remained relatively strong: first, the stainless steel market operated at a slow pace, with limited demand growth, providing weak boost to EMM; second, demand in the special steel market maintained a certain growth rate, with high-price transactions advancing, creating localized demand support; third, Mn3O4 producers, lacking long-term order support, mostly made spot purchases at high prices, propping up spot prices; additionally, overseas markets entered the traditional peak consumption season, with demand increasing significantly, further driving EMM FOB prices to fluctuate at highs.

As the current stockpiling cycle gradually concludes, the market is caught in a dilemma of price direction: the new round of tender prices from steel mills showed mixed performance, providing weaker guidance for market prices, and trader offers also became chaotic. However, in the short term, manganese salt plants show strong willingness to hold prices firm and low willingness to sell at low prices, making it highly likely that EMM prices will maintain a stable trend.