The Market Remained Quiet During the Week, Spot EMM Consolidated and Operated Steadily [SMM EMM Weekly Review]

[SMM Weekly Review: Market Transactions Remained Sluggish, EMM Spot Prices Consolidated] As of this Friday, the domestic average spot price of EMM was 12,300-12,500 yuan/mt, flat WoW; FOB prices were $1,690-1,730/mt, also flat WoW. According to SMM, on the supply side, medium and large EMM plants mainly fulfilled long-term contracts, while spot order transactions were sluggish. Sentiment to stand firm on quotes was strong, with firm offers and weak willingness to sell at low prices. Small EMM plants slightly lowered their quotes, showing a stronger willingness to sell at lower prices. On the export side, the overseas Christmas holiday dampened enthusiasm for EMM procurement, with inquiries remaining sluggish. Exporters mostly held back from selling, waiting for post-holiday inquiries from downstream overseas steel mills. On the demand side, downstream steel mills were cautious in procuring EMM. Large steel mills set high prices, and the actual downstream procurement of EMM in the future still warrants attention.