[SMM Analysis] Manganese Dioxide Production Fell MoM in January, Trend Expected to Continue in February

In January 2025, the production of EMD experienced a slight decline MoM.

The main reasons for the decline in production were the impact of the domestic Chinese New Year holiday and equipment adjustment issues faced by some enterprises, which led to reduced production schedules. Meanwhile, weak demand in the downstream LMO market significantly affected the production schedule of lithium-manganese dioxide. Additionally, the primary battery market entered the off-season, with demand remaining stable and providing no positive impetus to the market.

It is expected that in February 2025, the overall production of manganese dioxide may continue to show a slight downward trend due to the slow resumption of work after the Chinese New Year and the fewer calendar days in February compared to January.