[SMM Analysis] Mn3O4 production declined slightly in April, and is expected to rebound in May

In April 2025, Mn3O4 production declined slightly MoM but still increased YoY to a certain extent.

This trend was mainly due to the weak performance of the LMO market, which saw a decrease in production in April and weak stockpiling willingness, leading to reduced demand for Mn3O4, its main raw material. Additionally, electronic-grade Mn3O4 continued to face overcapacity issues, resulting in low production enthusiasm among enterprises and a decrease in market supply.

It is expected that by May 2025, the LMO market will rebound, with increased procurement demand driving up the production of battery-grade Mn3O4. However, the oversupply situation in the electronic-grade market is unlikely to change, and its production is expected to remain stable. Overall, Mn3O4 production is expected to increase slightly MoM in May.