【SMM Analysis】LMO Market Activity Increased, Overall Supply Slightly Rose in March

In March 2025, the production of LMO increased MoM, with a significant YoY growth. The production increase in March was mainly attributed to the resumption of normal production by some LMO enterprises after completing maintenance shutdowns, leading to an increase in market supply. Additionally, downstream battery manufacturers showed weak stockpiling intentions, resulting in generally low LMO inventory. The just-in-time procurement of LMO in the market increased, driving up the operating rate of LMO enterprises. It is expected that by April 2025, with the recovery of downstream demand, the stockpiling demand for LMO materials in the market will increase, and market activity and inquiry volume will also rise, positively promoting LMO production. Therefore, it is anticipated that the production of LMO in April will continue to increase slightly MoM, with the YoY growth rate remaining stable.