[SMM Analysis] High-purity manganese sulphate production increased significantly MoM in April, and is expected to pull back somewhat in May.

In April 2025, the production of high-purity manganese sulphate achieved both MoM and YoY growth.

The main reason was the high production stability of high-purity manganese sulphate smelters. Additionally, some producers, planning equipment maintenance in May, increased production and built up inventory in April, leading to an increase in market supply. From the perspective of downstream demand, the price of cobalt sulphate fluctuated at highs in April, which also had a certain impact on the procurement of sulphates by precursor enterprises, failing to significantly benefit manganese salt producers. Market activity remained low.

Looking ahead to May 2025, it is expected that downstream ternary cathode precursor enterprises will continue to implement long-term contracts, with procurement volumes remaining stable. Meanwhile, due to planned equipment maintenance at some smelters, market production may experience a slight decline.