【SMM Analysis】Battery-Grade Mn3O4 Production Increased in March, Expected to Continue Growing in April

In March 2025, the production of Mn3O4 saw a slight increase MoM, with a significant rise YoY. This trend was mainly attributed to the increased production of LMO in March, which drove up the demand for Mn3O4 as its primary raw material. Additionally, the low inventory in the downstream LMO market led to just-in-time procurement needs, further stimulating the production enthusiasm for Mn3O4. It is expected that by April 2025, the LMO market will further recover, with growing procurement demand driving 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, the production of Mn3O4 will continue to experience a slight MoM growth in March, maintaining its upward trend YoY.