Market Transactions Are Average, EMM Market Consolidates [SMM EMM Daily Review]

[SMM Daily Review on EMM: Average Market Transactions, EMM Market Consolidates] The average spot price of EMM in major production areas was 12,300-12,500 yuan/mt, flat MoM from the previous working day; the average FOB price was $1,690-1,730/mt, also flat MoM. Supply side, EMM plants mostly adopted a wait-and-see approach at the beginning of the week, with weak willingness to offer actively. EMM plants showed strong sentiment for price increases, with weak willingness to sell at low prices, focusing mainly on fulfilling long-term contracts, while spot order transactions remained sluggish. Demand side, downstream steel mills are still expected to stockpile before the Chinese New Year, but they remain cautious in purchasing EMM. Attention should be paid to the actual procurement changes in downstream demand for EMM.