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This trend was mainly due to the weak performance of the LMO market, which saw a decrease in production in April and weak stockpiling willingness, leading to reduced demand for Mn3O4, its main raw material. Additionally, electronic-grade Mn3O4 continued to face overcapacity issues, resulting in low production enthusiasm among enterprises and a decrease in market supply.
It is expected that by May 2025, the LMO market will rebound, with increased procurement demand driving up 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, Mn3O4 production is expected to increase slightly MoM in May.
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