In September, sulphuric acid prices continued to decline, while the support from manganese ore prices was insufficient, leaving room for further decreases. This led to a lack of cost support for high-purity manganese sulphate. Due to the weak purchasing demand from downstream ternary cathode precursor companies, the spot prices struggled to remain stable without demand support. To maintain prices, high-purity manganese sulphate companies began to reduce production and halt operations to decrease market supply, showing a strong sentiment to stand firm on quotes. It is expected that by October, as the time for signing long-term contracts approaches, the sentiment to stand firm on quotes among high-purity manganese sulphate companies will become more resolute, potentially leading to a slight market price rebound.
In the fourth quarter of 2024, the new energy market will still be in the inventory reduction phase, making it difficult for demand to achieve significant growth, thus providing limited support for prices. The market price of high-purity manganese sulphate will mainly be influenced by fluctuations in raw material prices. It is expected that by 2025, with the further development of the new energy market, the production schedule of ternary cathode precursors will increase, and the sodium-ion battery and LMFP markets are likely to achieve technological breakthroughs, bringing certain demand increments, thereby driving a turnaround in the high-purity manganese sulphate market and injecting new vitality into the market. Additionally, strong performance on the demand side will further support price levels, potentially restoring the profit margins of companies.
