In late January 2026, the domestic Mn3O4 market exhibited a two-way game pattern of "cost side under pressure with upward movement, and demand side steadily recovering." Prices of upstream raw materials such as EMM and manganese sulphate continued to rise, imposing significant cost pressure on producers; downstream LMO price increases coupled with the release of pre-Chinese New Year stocking demand provided solid support for the market. With bullish and bearish factors balancing each other, market prices remained stable, and the industry widely expects Mn3O4 prices to likely maintain a stable trend before the holiday.

Raw Material End Faces Dual Pressure, Production Costs Continue to Climb

The price of core raw material EMM recently stopped falling and rebounded, pushing up the procurement costs of Mn3O4 raw materials. As of January 29, mainstream quotations for 99.7% EMM flakes were 17,900-18,100 yuan/mt, rebounding about 1.1% from the low point at the beginning of the month, indicating a clear trend of stopping the decline and rebounding. As a core raw material for Mn3O4 production, EMM price fluctuations directly affect the production cost accounting of Mn3O4.

Demand End Steadily Recovers, Multiple Supports Strengthen Market Foundation

With the Chinese New Year approaching, the concentrated stocking demand of downstream LMO enterprises has become more prominent. To meet post-holiday production needs, downstream enterprises such as LMO and electronic materials have recently shown increased procurement enthusiasm, locking in Mn3O4 supplies in advance, leading to a significant improvement in market transaction activity compared to the previous period. From the supply side, the current Mn3O4 industry has sufficient capacity to effectively meet downstream stocking demand and ensure market supply-demand balance. In addition, demand from other downstream sectors such as electronics and magnetic materials remains stable, further strengthening the demand foundation of the Mn3O4 market.

Market Outlook: Bullish and Bearish Factors Balance, Pre-Holiday Price Stability Clear

Overall, the current Mn3O4 market is in a state where cost pressure and demand support balance each other. In the short term, it is difficult for internal and external bullish and bearish factors to break the existing balance, and market prices are expected to likely maintain stable operation before the holiday.

Cost side, although EMM prices have stopped falling and rebounded, there is insufficient upward momentum for significant subsequent increases, and prices are expected to maintain a slight fluctuation trend. Demand side, pre-Chinese New Year downstream stocking demand is expected to persist for another 1-2 weeks, market transaction activity will remain high, and demand support is solid; after the holiday, as downstream enterprises resume production, demand from sectors such as LMO will gradually return to normal, providing continuous demand support for the Mn3O4 market. In the long term, with the rapid development of new energy vehicles, ESS, and other fields, LMO demand is expected to continue growing, driving steady increases in Mn3O4 market demand, and the industry development prospects are favorable.