[SMM Analysis] Supported by multiple favorable factors, MnO2 production increased steadily in July

In July 2025, the production of electrolytic manganese dioxide (EMD) showed a positive trend, with a slight increase MoM and a considerable YoY increase.

​Specifically, the performance of different product types varied: the production of carbon-zinc type and alkaline manganese type MnO2 both showed an upward trend. This was mainly due to the stable downstream primary battery market, with new orders emerging continuously. Meanwhile, influenced by macro policies, the market quotes for MnO2 rose slightly, and these two factors jointly drove enterprises to increase their production schedules, promoting an increase in the production of these two product types.​However, the performance of MnO2 used for LMO battery was relatively weaker. Due to the fiercely competitive market for lithium manganate (LMO) in its downstream, most enterprises switched to using the more cost-effective Mn3O4 to control costs, leading to a decline in demand for MnO2 used for LMO battery and making it difficult to achieve an increase in production schedules.​

Looking ahead to August 2025, market expectations have adjusted. Given that the primary battery market is likely to remain in the traditional off-season, MnO2 producers will mainly focus on destocking, making it difficult for production to continue rising. Overall, it is expected that the total production of EMD in August will show a slight downward trend.