[SMM Analysis] The Mn3O4 Market Appears Slightly Quiet; LMO Procurement Sentiment Remains Weak

In December 2024, China's Mn3O4 production slightly declined MoM.

The main reason for the decline in Mn3O4 production in December was the recent sluggish performance of the LMO market, with overall sentiment remaining pessimistic. Companies generally adopted destocking strategies, leading to reduced raw material procurement, which directly impacted the production schedules of Mn3O4 enterprises. The electronic-grade market remained in an oversupply situation, and the supply-demand imbalance is unlikely to improve in the short term. Approaching the year-end, companies maintained low production schedules.

It is expected that in January, due to the impact of the Chinese New Year holiday, market demand will remain sluggish, and Mn3O4 production will decline MoM, with production cuts in battery-grade Mn3O4 being particularly significant.