[SMM Analysis] Demand growth remains stable, with an increase in manganese dioxide production in May

In May 2025, the production of electrolytic manganese dioxide (EMD) increased compared to the previous month and also achieved a certain increase YoY compared to the same period last year.

This was mainly due to the steady growth in demand from the downstream primary battery market and the good performance of enterprises' production status. Among them, the production of carbon-zinc and alkaline-manganese dioxide both increased slightly. Despite the slight recovery in the downstream lithium manganate oxide (LMO) market, the production growth of LMO-type manganese dioxide was not significantly boosted, as the selection of raw materials gradually favored Mn3O4.

It is expected that by June 2025, there will be relatively few new orders in the primary battery market, and the LMO market is also unlikely to see a significant increase in demand. Overall, the production of manganese dioxide is expected to show a downward trend in June.