EMM Prices Fluctuate at Highs, Market Wait-and-See Sentiment Intensifies [SMM EMM Daily Review]

November 17 - The average spot price of EMM in major producing areas was 13,900-14,100 yuan/mt, with the average export FOB price at $2,070-2,100/mt.

Currently, EMM market prices continue to fluctuate at highs.

Supply side, producers prioritized long-term contract deliveries, keeping spot cargo supply tight: top-tier enterprises mostly held back from selling, while small and medium-sized producers maintained firm quotations with low willingness to sell at lower prices.

Demand side, downstream sectors showed divergence: the stainless steel market remained sluggish recently, with demand growth slowing down, providing limited boost to EMM; the special steel market was relatively optimistic, but as it entered the traditional off-season, enterprises mainly made just-in-time procurement; Mn3O4 producers, lacking sufficient long-term order support, mostly concluded spot purchases at high prices, effectively underpinning the current EMM spot price.

As the current market stockpiling cycle gradually concludes, traders' quotation ranges show significant divergence. In the short term, supported by high costs, manganese salt enterprises have low willingness to sell at low prices, and EMM prices are likely to remain stable with limited downside room; however, with the fading effect of the traditional September-October peak season and some pullback in market demand, the momentum for further price rises also appears insufficient.