SMM

The spot EMM price in the main production areas averaged 12,400-12,600 yuan/mt, unchanged from the previous working day, and the FOB price averaged $1,790-1,820/mt. Recent EMM transactions have been mediocre, with pressure on actual deals. Smelters and traders have not adjusted their ex-factory prices, and mainstream transaction prices have stabilized after a decline. Demand side, downstream demand remains at September levels, but the overall outlook for the fourth quarter is less optimistic, and spot prices may still face pressure.