[SMM Analysis] February High-Purity Manganese Sulphate Production Saw Slight Growth, MoM Increase Expected in March

In February 2025, the production of high-purity manganese sulphate increased both MoM and YoY.

The main reason was that after the Chinese New Year holiday, manganese salt plants resumed normal production, and market supply increased slightly. Most downstream ternary cathode precursor companies were executing long-term contracts, with demand remaining relatively stable. Additionally, some ternary cathode precursor companies with well-established self-supply systems also produced manganese sulphate.

It is expected that by March 2025, the number of calendar days will increase compared to February. The downstream ternary cathode precursor market may slightly recover, driving further capacity release from manganese salt plants. Production is expected to increase MoM again but decline YoY.