SMM

The spot average price of EMM in the main production areas was 12,400-12,600 yuan/mt, up about 100 yuan/mt from before the holiday. The FOB average price was $1,780-1,810/mt. After the holiday, the market is still in a wait-and-see state. Smelters maintain firm prices. Due to recent favorable policies, the trading atmosphere is active, and both ex-factory prices and traders' quotes have risen. However, the extent of the price increase varies, and spot prices are somewhat chaotic. There is no actual transaction support in the short term, but downstream sentiment is still acceptable amid the current price increase, and a slight upward trend may continue in the future.