SMM

[SMM Daily Review on EMM: Market Continues to Consolidate, Strong Sentiment for Price Increase Among Manganese Plants] The average spot price of EMM in major production areas was 12,300-12,500 yuan/mt, flat MoM compared to the previous working day; the average FOB price was $1,690-1,730/mt, also flat MoM. Supply side, quotes from medium and large EMM plants remained firm, with weak willingness to sell at low prices. Sentiment to stand firm on quotes was strong before the Chinese New Year, while some small EMM plants sold small quantities at low prices. Demand side, downstream steel mills mostly engaged in bargain down purchasing prices for EMM and were cautious in procurement, with actual transaction performance being moderate. In summary, the EMM market is experiencing a tug-of-war between supply and demand, with the spot market continuing to consolidate.