SHANGHAI, Apr. 13 (SMM) – One large EMM producer sold at heavy discount against cash crunch. This promoted others EMM producers to follow suit. Traders were cautious about collecting goods out of pessimism. In this context, the average price fell to RMB 11,300/mt, and is on track to drop to RMB 11,200/mt. Most large EMM producers maintain normal production, while a few are planning to conduct maintenance. Some loss-making small EMM producers have shut down, and more producers are likely to follow suit.
EMM prices are expected to continue falling this week, due to weak downstream demand, liquidity crunch and high inventories.
