【SMM Analysis】Manganese Dioxide Production Increased MoM in March, Demand Mainly Concentrated in the Primary Battery Market

In March 2025, the production of EMD increased slightly MoM, with a notable rise YoY. This was mainly driven by the recovery of the primary battery market downstream, where demand saw a slight increase, thereby boosting the production of carbon-zinc and alkaline manganese dioxide. However, the secondary battery market downstream remained in the off-season, with no significant improvement in demand, and the production of LMO-type manganese dioxide remained stable. It is expected that by April 2025, the LMO market will rebound, driving an increase in the production of lithium-manganese dioxide, and the total production of manganese dioxide is expected to continue a slight upward trend in April.