SHANGHAI, Mar. 23 (SMM) – EMM in China was largely quoted between RMB 11,600-11,700/mt in the week ending March 20. Most producers held offers stable, while some lowered quotes to RMB 11,500/mt to promote sales. One steel mill in Japan offered to buy EMM at USD 1,880/mt, which is lower than market prices. Chinese EMM producers remain willing to export, though. Traders stayed out of the market out of bearishness. #200 stainless steel market saw no turnaround.
Falling EMM prices have triggered production cutbacks, but the decline in supply is insufficient to offset the fall in demand. As such, supply will remain in surplus, putting downward pressures on prices. Any potential downside room should be limited, though.
