SMM

[SMM Weekly Review: Tug-of-War Between Supply and Demand in EMM, Spot Market Remains Stable] As of this Friday, the domestic average spot price of EMM was 12,300-12,400 yuan/mt, down 50 yuan/mt WoW from last Friday; the FOB price was $1,690-1,730/mt, unchanged WoW. According to SMM, on the supply side, EMM plants showed weak willingness to offer actively, focusing more on fulfilling long-term contracts, with limited willingness to sell spot orders. Most manganese plants stood firm on quotes. Similarly, traders maintained a firm pricing stance, showing low willingness to sell at lower prices. On the demand side, downstream buyers were cautious in procurement and showed low acceptance of high-priced EMM. Attention should be paid to the stockpiling activities of steel mills before the year-end.