Bid Prices of EMM are Lower than Expected, Intensifying Market Game

SHANGHAI, Feb 3 (SMM) - The average spot price of EMM in the main producing regions across China stood at 15,400-15,600 yuan/mt, flat from the previous trading day. The FOB prices stabilised at $2,250-2,300/mt. At present, most EMM market players were wait-and-see. Although the supply continued to increase, the market quotations remained firm due to the upcoming alliance meeting at the end of the month. Meanwhile, bid prices of EMM were lower than expected, which intensified the market game. On the whole, the market game may further intensify amid the weak demand and high stainless steel inventory. SMM will continue to pay attention to the mainstream bid prices.