The Mn3O4 market remained stable during the traditional off-season

According to SMM data, in July 2024, China's Mn3O4 production was 8,900 mt (including 5,300 mt of electronic grade and 3,600 mt of battery-grade), down 5.32% MoM and down 16.43% YoY. In July, Mn3O4 production slightly decreased compared to June, mainly in battery-grade Mn3O4. The primary reasons were fluctuations in the prices of manganese sulfate solution and EMM on the raw material side, leading to unstable cost support, increased market watchfulness, and more cautious shipping strategies by enterprises. Meanwhile, the LMO industry was in a low season, with slightly weak demand and spreading market pessimism, further slowing down the procurement speed of raw materials, resulting in a slight decline in the planned production of Mn3O4. It is expected that by August, the LMO market may show signs of recovery, with increased procurement and restocking demand for Mn3O4, driving up the planned production of enterprises and improving the market trading atmosphere. Based on market feedback, the overall production of battery-grade Mn3O4 in August is expected to increase, estimated at about 9,400 mt, up 5.62% MoM and up 9.30% YoY.