[SMM Analysis] The market is experiencing a weak supply and demand situation, with a decline in high-purity manganese sulphate production in June

In June 2025, the production of high-purity manganese sulphate declined MoM.

Supply side, most manganese salt producers showed low enthusiasm for production, adopting conservative production schedules and generally only meeting the demand for long-term orders to avoid inventory buildup. The overall operating rate was below 50%. Demand side, the market for ternary cathode precursors focused on destocking, with cautious procurement of manganese sulphate, only maintaining basic demand. Scattered purchase orders were rarely seen in the market, and the overall atmosphere was sluggish, with both supply and demand weak. Meanwhile, the demand for manganese sulphate from other fields such as sodium-ion batteries and LMFP was not robust, failing to boost market vitality.

It is expected that by July 2025, the downstream market for ternary cathode precursors may experience a slight recovery, which is expected to drive an MoM increase in the production of manganese salt producers.