As of last Friday, the domestic spot price of EMM averaged 13,300-13,500 yuan/mt, down 100 yuan/mt from a week ago; the FOB price was $1,860-1,890/mt, flat from a week ago. According to SMM, EMM prices slightly declined last week. Before the holiday, the prices surged, and downstream steel mills had a low acceptance of high prices. After the holiday, the prices slightly declined. On the supply side, some EMM plants have suspended quotations, waiting for the outcome of the joint meeting. On the demand side, downstream buyers held a low acceptance of high prices and were cautious in their purchases. The bidding prices for EMM flakes varied, causing some disturbance in the market, with limited transactions at both high and low prices in the spot market.
Due to the price decline in SiMn alloy futures and other manganese products, some EMM suppliers were eager to sell at low prices to avoid inventory buildup, while some held prices firm due to high bidding prices of some steel mills. Currently, there is a strong wait-and-see sentiment among all parties, awaiting the joint meeting.
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