China's March EMD output and April forecast

SMM data showed that China's electrolytic manganese dioxide (EMD) output was 14,700 mt (including 1,200 mt for LMO battery, 9,100 mt for alkaline manganese battery, and 4,400 mt for zinc-carbon battery) in March, up 12.5% MoM and down 5.2% YoY. In March, due to the production resumption after the Spring Festival and strong downstream demand, the output of EMD for LMO, alkaline manganese, and zinc-carbon batteries all increased. From the demand side, the primary battery market was relatively stable, with fewer new orders, while the demand from secondary battery market inched upward. The market trading was active. EMD output for LMO battery fluctuated greatly. Producers were still cautious about production scheduling based on demand even amid robust downstream purchasing appetite. Entering April, driven by the recovery of the downstream LMO battery market, demand for EMD is expected to increase further, leading to a production increase. On this basis, the EMD output in April is expected to reach approximately 16,200 mt.