SMM Weekly Review: Weak Downstream Demand Pressures Spot Prices to Drop. By the end of this week, the domestic average spot price of EMM was 13,350-13,550 yuan/mt, down 50 yuan/mt WoW. The FOB price was $1,870-1,900/mt, flat WoW. According to SMM, on the supply side, EMM plants showed a strong tendency to hold back from selling, mostly maintaining a hold back from selling stance. Some EMM plants still had a willingness to sell, with offers dropping slightly. On the demand side, downstream buyers had low acceptance of high-priced EMM during the week, resulting in limited transactions in the EMM market, mostly driven by price reduction purchases.
As of this Friday, the average spot price of domestic EMM was 13,350-13,550 yuan/mt, down 50 yuan/mt MoM. The FOB price was $1,870-1,900/mt, flat MoM. According to SMM, on the supply side, EMM plants showed a strong tendency to hold back from selling, mostly maintaining a hold-back-from-selling stance. Some EMM plants still had a willingness to sell, with offers dropping slightly. On the demand side, downstream buyers had low acceptance of high-priced EMM during the week, resulting in limited transactions in the EMM market, with most purchases driven by price reductions. Click to view SMM’s manganese spot offers.
(Source)