Cost side analysis: Eramet announced its offers for manganese ore to China in June 2025. The offer for Gabon manganese ore with Mn 44.5% was $4.4/mtu, down $0.4/mtu MoM from the price in May. This news continued to put pressure on the domestic manganese ore market. Additionally, the futures prices of downstream SiMn also fell, leading to an increased willingness to sell among some traders in the market. Low-price transactions occurred, and prices gradually bottomed out. Meanwhile, sulphuric acid products exhibit seasonal demand patterns, with relatively concentrated demand in spring and autumn. Prices often pull back after entering May, and the market trading atmosphere remains sluggish. With both manganese ore and sulphuric acid prices declining, the cost support for high-purity manganese sulphate has continuously weakened and is no longer stable.

Demand side analysis: Precursors for consumer and small power applications have benefited from robust downstream demand, resulting in a large number of orders. However, the new demand for large power precursors is limited, mainly relying on existing projects to maintain production, with limited incremental growth. In overseas markets, the recent tariff policy adjustments in the US have led some Japan and South Korea battery material companies to reduce their orders, resulting in a decrease in orders for some domestic precursor manufacturers that primarily rely on overseas markets. Overall, the market for ternary cathode precursors appears slightly sluggish, failing to bring significant benefits to high-purity manganese sulphate.

Under the dual bearish impacts of cost and demand, the spot price of high-purity manganese sulphate has declined. Market inquiries are sluggish, with transactions primarily based on long-term agreements and spot order prices being relatively low. Despite fluctuations in the manganese ore market in late May, there was no obvious upward momentum, and the increase was limited. Therefore, against the backdrop of weak downstream demand, the high-purity manganese sulphate market will remain weak.