[SMM Analysis] Market trading atmosphere sluggish, high-purity manganese sulphate production declined in May

In May 2025, the production of high-purity manganese sulphate decreased slightly.

Supply side, some manganese salt plants halted production for maintenance in May, while others operating normally had low operating rates, leading to an overall reduction in market supply. Demand side, the activity in the ternary cathode precursor market was not high in May, with purchases of manganese sulphate mainly focused on the execution of long-term contracts and minimal sporadic purchases. Meanwhile, demand for manganese sulphate from other sectors such as sodium-ion batteries and LFMP was also low, failing to boost the market. Overall, the manganese sulphate market was in a state of weak supply and demand throughout May.

Looking ahead to June, the downstream ternary cathode precursor market is expected to improve, which is anticipated to drive a slight increase in the planned production of manganese salt plants.