Chinese EMM Output Balloons YoY in Feb 2023

SHANGHAI, Mar 9 (SMM) - Chinese EMM output stood at 100,300 mt in February, down 1.48% on the month and up 1014.84% on the year, SMM data showed. EMM output in the first two months of 2023 stood at around 202,200 mt, up 819.09% year-on-year. The main reasons for the MoM decline in output in February are as follows. 1. There are fewer working days in February. Large EMM plants lowered their operating rates in the month. 2. Some plants resumed production late after the CNY, and the overall daily output did not stabilise until mid-to-late February.

In March, although the terminal demand has not improved significantly, the EMM plants now keep their average daily output at about 4,000 mt. The EMM output throughout March is expected to be around 115,200 mt.