SMM

[SMM Weekly Review: Weak Sentiment in Downstream Purchases, Spot Prices Drop Slightly] As of this Friday, the domestic average spot price of EMM was 13,350-13,550 yuan/mt, down 150 yuan/mt MoM; FOB prices were $1,855-1,885/mt, down $20/mt MoM. According to SMM, in terms of supply, most EMM plants maintained firm offers with weak willingness to sell at low prices, while some traders sold small quantities at low prices, mostly based on actual order negotiations. In terms of demand, the market was mainly focused on long-term contract purchases, with spot order transactions remaining sluggish, and most downstream steel mills adopting a wait-and-see attitude. Overall, weak sentiment in downstream purchases led to a slight drop in spot prices.