【SMM Analysis】High-Purity Manganese Sulphate Production Increased MoM in March, Expected to Rise Again in April

In March 2025, the production of high-purity manganese sulphate saw both MoM and YoY growth. The main reason was that some high-purity manganese sulphate smelters resumed stable production and gradually increased output in March, leading to a rise in market supply. Demand side, due to the price increase of cobalt sulphate, ternary cathode precursor enterprises were affected in their procurement of sulphates, resulting in relatively small fluctuations in demand for manganese sulphate, even with some decline. The demand side failed to bring benefits to manganese salt plants. It is expected that by April 2025, the downstream ternary cathode precursor market may experience a slight recovery, potentially driving further capacity improvement in manganese salt plants. Meanwhile, major manganese salt plants will maintain normal production, and production is expected to increase MoM again, though it may still show a YoY decline.