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  The market largely adopted a wait-and-see attitude, and the EMM market continued to hold up well. [SMM EMM Daily Review]

  SMM EMM Daily Review: Market Maintains Cautious Stance, EMM Prices Hold Up Well. The average spot price of EMM in major production areas ranged from 13,350 to 13,550 yuan/mt, flat MoM. The average FOB price stood at $1,870-1,900/mt, also flat MoM. Supply side, EMM plants maintained firm offers with weak willingness to sell at lower prices. Demand side, downstream steel mills showed low acceptance of EMM plant offers, resulting in sluggish spot order transactions.

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• The futures market fluctuated downward, while the spot market remained stable. [SMM Manganese Silicon Futures Review]

  SMM SiMn Futures Review: Futures Market Fluctuated Downward, Spot Market Remained Stable The SM2509 contract opened at 5,908 yuan/mt, fluctuated downward after the morning session, and finally closed at 5,810 yuan/mt, with an increase of 1.82%. The daily high was 5,922 yuan/mt, and the low was 5,802 yuan/mt. The trading volume was 227,086, and the open interest was 365,248. Currently, SiMn holders are less willing to actively quote, retail transactions in the market are sluggish, and the spot price continues to be in the doldrums.

• 【Domestic Iron Ore Brief Review】Iron Ore Concentrates in Tangshan Area May Rise

  【Domestic Iron Ore Brief Review: Iron Ore Concentrates Prices in Tangshan Region May Have Some Upside Potential】Iron ore concentrates prices in the Tangshan region edged up slightly at the beginning of the week, with the delivery-to-factory price for 66-grade dry basis including tax at 935-945 yuan/mt. Producers' inventory pressure is relatively small, and resource costs are high, making it difficult for steel mills to reach their psychological expectations in individual negotiations. The iron ore futures market strengthened, and local finished products also saw a slight increase, further boosting producers' sentiment. However, mines and beneficiation plants currently have a strong sentiment to stand firm on quotes, and overall market transactions remain relatively quiet.

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