SMM

[SMM Weekly Review: Cautious Market Purchasing, EMM Continues Consolidation] As of this Friday, the domestic average spot price of EMM was 12,300-12,500 yuan/mt, flat WoW; FOB price was $1,690-1,730/mt, also flat WoW. According to SMM, on the supply side, around the New Year holiday, manganese plants showed weak willingness to sell at low prices, with most quotations remaining firm. On the demand side, downstream traders were cautious in purchasing, mostly buying based on orders, with low willingness for stockpiling before the holiday. Downstream steel mill tenders for EMM have mostly concluded, and attention should be paid to the guidance of tender pricing on the market. In the overseas market, some regions remained in the holiday season, leading to weak purchasing enthusiasm for EMM on the overseas demand side. Overseas inquiries were sluggish, and exporters mostly adopted a wait-and-see attitude with low willingness to offer actively.