Recently, China’s manganese sulfate market has shown an operating pattern of rigid cost bottoming and differentiated demand structure. Divergent performance is seen between battery-grade and industrial-grade manganese sulfate, while the overall market remains steady with a firm undertone.
Surging prices of core raw materials have continuously lifted production costs, coupled with steady demand release from the new energy sector, forming strong support for manganese sulfate prices. Meanwhile, factors such as tightened capital pressure at the month-end and production adjustments in some producing areas have brought minor disturbances, yet failed to reverse the overall firm market trend. Prices are expected to fluctuate steadily in the short term.
On the raw material side, dual cost pressures have been fully transmitted downstream, acting as the core pillar for firm manganese sulfate prices. For manganese ore, the global tight supply balance remains unchanged. Major overseas suppliers have raised export quotations to China, pushing up the cost of imported manganese ore and driving domestic ore prices to rise in tandem. As the key raw material for manganese sulfate production, higher manganese ore prices have directly increased smelting costs. In terms of sulfuric acid, despite a slight pullback from historic highs after a sharp rally, prices still stay at an elevated range. Manganese sulfate manufacturers are facing prominent cost pressures and hold strong price firming willingness, effectively curbing downside risks.
On the supply side, overall operating rates remain stable with structural differences. Domestic manganese sulfate production capacity is mainly concentrated in Guizhou, Guangxi and other core regions. Leading enterprises maintain high operation rates and reasonable inventory levels under the order-based production model, ensuring stable market supply.
On the demand side, driven by rising penetration of new energy vehicles and energy storage systems worldwide, downstream ternary precursor producers keep high operating rates. Continuous robust demand for battery-grade manganese sulfate has become a key incremental driver for the market. By contrast, demand for industrial-grade manganese sulfate stays tepid, widely applied in traditional fields including coatings, textiles and metallurgy. Traditional consumption weakens slightly at the month-end with limited fluctuations, providing fundamental support for the market.
In terms of prices, quotations vary by product grade. Battery-grade manganese sulfate prices are steadily maintained at 7450–7650 RMB/ton, underpinned by solid new energy demand. In terms of trading activity, battery-grade products witness better transaction volumes, with downstream manufacturers adopting rigid purchasing strategies. The industrial-grade market sees sluggish consumption amid weak traditional demand, and some producers offer slight price concessions to accelerate capital recovery.
Looking ahead, with the upcoming May Day holiday, the market will enter a pre-holiday wait-and-see period with weakened trading activity, but the overall firm pattern of the manganese sulfate market will remain intact. In the short run, manganese ore and sulfuric acid will stay at high levels, sustaining rigid cost support. New energy demand maintains a long-term positive trend, and continuous capacity expansion of ternary precursors will further boost consumption of battery-grade manganese sulfate, while industrial-grade demand is expected to recover marginally.
It is predicted that manganese sulfate prices will fluctuate narrowly with a firm bias in the near term, and the price gap between battery-grade and industrial-grade products will remain stable. Market participants will keep a close eye on raw material price fluctuations, operating rates of downstream ternary precursor enterprises and environmental policy adjustments, which will greatly influence the subsequent trend of the manganese sulfate market.
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