Triple Logic Resonance: Battery-Grade Mn3O4 Market Volume and Prices to Rise Steadily in 2026

Published: Dec 31, 2025 09:09

Source: SMM

Save

Looking ahead to 2026, the domestic battery-grade Mn3O4 market is expected to enter a development window with multiple favorable factors converging. Upgraded and expanded demand, orderly supply release, and strong cost-side support will resonate, driving the industry to move beyond traditional cyclical fluctuations and enter a new phase of benign development characterized by steady production growth and modest price increases.

Robust demand growth will serve as the core engine supporting the market's upward trend. The continued positive momentum in the global NEV industry is directly driving the steady recovery of the downstream LMO market, injecting sustained expansion momentum into the traditional demand segment for battery-grade Mn3O4. More notably, the commercialization process of LMFP cathode materials is accelerating, with leading enterprises such as Hunan Yuneng and Easpring Technology successively commissioning related capacity, which is set to open up a substantial new incremental market for battery-grade Mn3O4. Concurrently, incremental demand from the ESS battery and power battery sectors continues to be released, further lifting the industry's demand baseline and promoting an optimization and diversification of the demand structure for battery-grade Mn3O4 towards high-end and varied applications.

The supply side will continue its rational expansion, providing solid support for the supply-demand balance. The minor peak in capacity commissioning that began in H2 2025 will continue to release its effects throughout 2026, effectively broadening channels for production growth. Against this backdrop, the prevailing "produce based on sales" operational model within the industry will continue to play a role. Enterprises, leveraging their close ties with end-users, will reasonably adjust their production pace to ensure orderly production growth while avoiding market volatility caused by blind capacity expansion, thereby maintaining a fundamental supply-demand balance.

The strong support structure on the cost side lays a solid foundation for price increases. Cost side, EMM prices are projected to continue rising, while the manganese sulphate market is also expected to hold firm, supported by robust demand and cost pass-through. These dual raw material cost pressures will be transmitted downstream through the industry chain. Coupled with increasingly stringent environmental protection policies and rising compliance costs for enterprises, the pricing support for battery-grade Mn3O4 producers has significantly strengthened, resulting in a clear and solid logic for price increases. Overall, the battery-grade Mn3O4 market in 2026 will achieve high-quality development, supported by three core drivers: growing demand, orderly supply, and high costs. The industry will not only see steady rises in both production and prices but will also leverage the opportunity of upgrading demand structure to continuously improve development quality, effectively secure profit margins, and maintain a clear trend of fluctuating upward.

New Energy Manganese Price

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

15 hours ago

Silicon Metal Market Review for January and Outlook for February

In January, the silicon metal market experienced a relatively loose supply-demand balance, with a theoretical inventory buildup of approximately 30,000 mt. In February, both supply and demand contracted simultaneously, and the market is expected to show a tight balance or minor destocking. The current high industry inventory still requires time to be digested, and the sustainability of destocking remains a key variable affecting price trends and market sentiment.

15 hours ago

19 hours ago

A plant in northern China is calling for bids for indium ingots and bismuth ingots

SMM, February 6 - According to SMM’s investigation of market information, a large smelter in northern China began public bidding for a certain quantity of indium ingots and bismuth ingots starting yesterday. Market sources indicate that the starting price for these indium ingots exceeds 4,000 yuan per kilogram, while the starting price for bismuth ingots is above 150,000 yuan per ton. The bidding results are expected to be announced before the Spring Festival. Market participants note that, given the clear trend of sluggish trading activity ahead of the Spring Festival, the timing of this bidding is not ideal. However, the relatively favorable starting prices have generated considerable market anticipation for the outcome of the bidding.

19 hours ago

Feb 5, 2026 19:18

[SMM Analysis] Futures Lack Momentum to Rise Further, Pre-Holiday Demand Stalls, and Stainless Steel Social Inventory Accumulation Intensifies

Feb 5, 2026 19:18