EMM Prices Continued to Decline, Market Gradually Turned Rational [SMM EMM Weekly Review]

As of last Friday, the domestic EMM spot price averaged 13,400-13,600 yuan/mt, down 300 yuan/mt WoW; the FOB price was $1,890-1,920/mt, down $15/mt WoW. According to SMM, the EMM spot price showed a downward trend last week, and the market gradually returned to rationality. After the significant rise in EMM prices two weeks ago, downstream showed a low willingness to accept high-priced EMM, and other manganese products remained weak. Therefore, the EMM price hike slowed at the beginning of the week. Some EMM suppliers still quoted 15,000 yuan/mt, but the transactions were unclear. Due to the downward trend in EMM prices, EMM holders were eager to sell to avoid inventory buildup, increasing the circulating supply of EMM in the spot market. Downstream was cautious and showed a low acceptance of high-priced EMM, with transactions mainly dealt at low prices. Overseas EMM quotations were slightly chaotic due to the domestic sentiment to hold EMM prices firm. The overseas downstream demand was in the off-season, with fewer inquiries and sluggish transactions. The market adopted a wait-and-see sentiment.