EMM Plant's Profit Margin Widens, EMM Production Increases in May [SMM Analysis]

[SMM Analysis: EMM Plant Profit Margins Expand, EMM Production Increases in May] SMM data shows that in May 2025, China's EMM production increased by approximately 2% MoM and over 3% YoY. Despite production reductions due to shutdowns for maintenance at some EMM plants in Guizhou, production resumed at EMM plants in Hunan owing to sufficient raw material supply. In Guangxi, production schedules at EMM plants increased due to a rise in long-term contract orders. Overall, the production increases in certain regions offset the decreases in others. Coupled with the increase in the number of calendar days in May, the overall EMM supply increased slightly. In June, the operating rates of most manganese plants will remain below 70% of their capacity. Some shutdown EMM plants are expected to resume production, but due to the fewer calendar days in June, the overall supply in the manganese market will decrease slightly.