EMM Spot Prices Face Downward Pressure amid Thin Trades

SHANGHAI, Jan 4 (SMM) - On January 4, the average price of spot EMM in the main producing regions in China stood at 15,600-15,700 yuan/mt, down 100 yuan/mt from the previous trading day. At present, the trades in the spot market were quiet, and the EMM plants mainly focused delivering old orders on hand. According to SMM survey, traders were wary of making transactions as the poor demand contradicted with the sufficient supply. The spot prices edged lower, but the transactions only improved marginally amid on-demand procurement. On the whole, the pre-holiday stocking will extend until the next weekend. The sluggish demand is likely to drag the spot prices further down.