EMM Prices Hold Firm at High Levels, Limited Short-Term Change [SMM EMM Daily Review]

November 10 - The average spot price of EMM in the main producing areas was 13,900-14,100 yuan/mt, and the average export FOB price was $2,070-2,100/mt.

Currently, EMM prices continue to hold firm at high levels. Supply side, EMM producers are prioritizing the fulfillment of long-term orders, leading to tightening spot market availability; major Mn salt plants mostly maintain a hold-back-from-selling approach, further tightening spot supply. Demand side shows divergence: the stainless steel market operates at a slow pace, limiting demand growth and providing a weak boost to EMM; specialty steel demand maintains some growth momentum, with high-price transactions advancing, offering partial demand support, but as the stockpiling cycle ends, just-in-time procurement will dominate going forward; Mn3O4 producers, lacking long-term order support, mostly make spot purchases at high prices, underpinning current spot prices.

Entering mid-November, the market stockpiling cycle is gradually concluding, and demand-side support will weaken, pushing trader offers into a chaotic range. However, in the short term, Mn salt plants show a strong willingness to hold prices firm and low willingness to sell at low prices, making it likely that EMM prices will remain stable with limited downside room; meanwhile, affected by a slight pullback in market demand, the momentum for further price increases is relatively insufficient.