EMM Flake Prices Fell Slightly by USD 25/mt in Europe

SHANGHAI, May 10 (EMM) -- European EMM flake prices fell by USD 25/mt from USD 2,875-2,975 to current USD 2,870-2,950/mt.

"The sellers are playing currency game, which means that you can still make a good profit at lower prices," he said.

"The Chinese price is stable but European suppliers are in a panic" a trader told MB.

The highest traded prices was reported at USD 2,950/mt per for average volume, but high-volume deals were reported as low as USD 2,870/mt. "I don't think you can sell above USD 2,900/mt and the lowest offer I saw was USD 2,820/mt," a second trader told MB.

"Apparently someone had old stocks at the stronger exchange rate, so he could offer lower," he added.

But while there could be further falls in the next few months, it is likely that the price will recover any lost ground, the first trader added. "The Greek currency is bad, everything's bad, and there's a delay in the effect on prices. Maybe prices will be lower in the next few months," he told MB. "I think we'll get over the Greek news and my long-term view is positive," he added.

(Edited by SMM)

To contact the writer on this report: jianghanmei@smm.cn

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