SHFE Market Movement on March 22nd, 2010 (Monday)

SHANGHAI, Mar. 22 (SMM) -- Today, mainstream offers of EMM were in the RMB 14,900-15,100/mt range. Prices were pushed up by purchases from large traders, and transactions were mainly made among traders.
It was reported that domestic EMM prices advanced to certain extend due to purchases from large traders, although fundamentals didn&rsquo;t improve. Offers from some producers were as high as RMB 15,200/mt, and prices increased by RMB 400/mt only within two days.
It was also reported that purchasing volumes didn't increase although prices were up. Most market players still adopted a wait-and-see attitude due to still sluggish market fundamentals. Some market players even joked that unreadable price increases laid a solid foundation for price slumps in the future.
To contact the writer on this report: <a href="mailto:jianghanmei@smm.cn">jianghanmei@smm.cn</a>
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