High-purity manganese sulphate is a high-purity manganese compound, typically appearing as a colorless or white crystalline powder. It is primarily used in the production of cathode materials for lithium batteries, serving as an indispensable and crucial raw material in the lithium battery industry. Due to its high-purity characteristics, high-purity manganese sulphate can significantly enhance the energy density and service life of batteries, and is widely applied in the NEV and ESS sectors. It plays a pivotal role, in particular, in the preparation of ternary cathode materials for lithium-ion batteries.

However, due to the production of the downstream ternary cathode precursor industry falling short of expectations, the market demand for high-purity manganese sulphate has declined, leading to an increase in the inventory of major domestic producers on a YoY basis. In recent years, with the rapid development of high-nickel ternary cathode precursors, the demand for manganese sources has decreased. Meanwhile, the development of sodium-ion battery and LMFP technologies has not met expectations, which has also impacted the high-purity manganese sulphate industry to some extent.

The upstream of the high-purity manganese sulphate industry chain mainly includes raw materials such as manganese ore (high-carbon manganese ore and low-carbon manganese ore) and sulphuric acid, as well as production equipment. In particular, a stable supply of manganese ore resources has a direct impact on production costs. The midstream involves the production of high-purity manganese sulphate, while downstream applications encompass cathode materials for lithium batteries, stainless steel production, and other fields (such as catalysts, pesticides, pigments, etc.).

In the long term, with the improvement of the technological level of high-purity manganese sulphate products, it is expected that the market size of this industry will continue to expand. The number of high-purity manganese sulphate producers in China is increasing, and competition is becoming fiercer. Therefore, when domestic enterprises invest in this field, they should closely monitor technological advancements in the industry and continuously transform technological achievements into productivity to enhance their overall competitiveness in the domestic and overseas markets.