[SMM Analysis] Prices of raw material lithium carbonate rise, and production schedules of LMO enterprises increase accordingly in July

In July 2025, the production of lithium manganate oxide (LMO) showed a dual growth trend, with a continuous MoM increase and a notable YoY growth rate.​

From the supply side, the market exhibited phased characteristics this month: in the first ten days, most producers maintained a stable production schedule; from mid-month onwards, the price of raw material lithium carbonate surged significantly, injecting positive sentiment into the market and directly prompting LMO manufacturers to initiate concentrated production increase plans in the latter part of the month, thereby expanding the supply scale.​The demand side showed subtle changes amid off-season characteristics: downstream battery cell manufacturers' procurement was primarily driven by rigid demand, with overall market activity remaining low. However, influenced by concerns about the continued rise in prices in the future market, some enterprises engaged in a small amount of stockpiling, preventing sharp fluctuations in demand.​

Looking ahead to August 2025, market expectations are positive: as the activity of the downstream market is expected to recover, inquiry volumes may gradually increase, further stimulating the production enthusiasm of LMO enterprises. Driven by this, it is anticipated that the supply of LMO will once again achieve MoM growth, and the YoY growth rate will also maintain an expansion trend.​