[SMM Analysis] Battery-grade Mn3O4 production declined in June, and is expected to rebound in July

In June 2025, the production of Mn3O4 declined MoM, while maintaining a certain growth rate YoY.

Among them, the reduction in battery-grade Mn3O4 was particularly noticeable. As June is traditionally the off-season for the LMO market, procurement demand was sluggish, and there was a certain degree of price-driving behavior, leading to low production enthusiasm among battery-grade Mn3O4 enterprises and a decline in planned production. Additionally, the market development of manganese-iron phosphate (FeMn) is relatively slow, and its choice of manganese sources has not yet been fixed, failing to bring significant benefits to the Mn3O4 market. Meanwhile, the electronic-grade market was also sluggish, with supply mostly maintaining its original level and fulfilling existing orders, making it difficult to reverse the overall oversupply situation.

It is expected that by July 2025, the LMO market may experience a slight recovery, driving an increase in the planned production of battery-grade Mn3O4. Therefore, the total production of Mn3O4 is expected to show an upward trend in July.