[SMM Analysis] Battery-grade Mn3O4 production increased in May, and is expected to decrease slightly in June

In May 2025, the production of Mn3O4 rose slightly MoM, while its YoY growth remained stable.

Supply side, the spot price of Mn3O4 was relatively stable, with moderate profit margins, which drove high production enthusiasm among enterprises. The production schedule was in good condition, with a significant increase in battery-grade Mn3O4. However, the electronic-grade market was in the traditional off-season, with relatively small fluctuations in supply.

It is expected that by June 2025, the demand for LMO in the market is unlikely to increase significantly. Moreover, most enterprises have a certain amount of raw material inventory, which may lead to a decrease in demand for battery-grade Mn3O4, resulting in a slight decline in the overall planned production in the market.