EMM Market Sees Almost no Transaction amid the Slack Demand

SHANGHAI, Feb 21 (SMM) - On February 21, the average price of spot EMM in the main producing regions across China stood at 15,300-15,500 yuan/mt, flat from the previous trading day. The FOB prices stabilised at $2,250-2,300/mt. Manufacturers held their quotes firms amid the growing spot supply. According to SMM research, there are rumours in the market that some orders were traded at an ex-factory price of 15,700 yuan/mt yesterday, but the authenticity is questionable. In addition, the overall EMM trading among traders is cautious. And the market barely saw successful transactions at the current price. Traders in domestic market focused on the delivery of previously signed orders. Overseas demand was also relatively weak, and inquiries and purchases in the foreign market were slack. On the whole, the downstream demand has not yet improved, and the EMM trading was in a stalemate. The market shall pay attention to the purchases in the near future.