【SMM Analysis】Lithium Manganate Prices Follow Lithium Carbonate; 3C Off-Season Slows Demand Recovery

Published: Jul 31, 2026 14:55

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Domestic lithium manganate market edged down slightly before stabilizing this week. Its price movement is highly correlated with lithium carbonate, lacking independent driving factors. Major producers maintain steady operation and prioritize deliveries to long-term clients. Ample supplies remain in the market without large-scale production cuts. Market segmentation is obvious: power-type lithium manganate for electric two-wheelers sees stable orders, while consumption-grade material for 3C electronics faces slack demand with muted spot trading.

Demand varies sharply across segments. The electric two-wheeler market stays stable. Battery manufacturers operate at moderate utilization rates and secure raw materials via long-term contracts, underpinning lithium manganate demand. Nevertheless, fierce price competition among vehicle makers squeezes battery firms’ profits, restricting aggressive inventory replenishment. Stable export orders to Southeast Asia and Latin America offer mild support yet fail to reverse the weak overall sentiment.

The 3C consumer electronics sector enters its traditional off-season, weighing heavily on consumption-grade lithium manganate. IDC data reveals domestic shipments of smartphones and tablets fell quarter-on-quarter in Q2. Brand distributors are still clearing channel inventories, delaying new product launches. Consumer cell makers strictly control finished goods stocks and adopt a hand-to-mouth purchasing strategy with strong wait-and-see sentiment. Weak demand for batteries used in earphones and portable energy storage cannot offset falling consumption from smartphones and tablets. The market anticipates potential demand improvement around mid-to-late August when brands launch new autumn products and cell manufacturers ramp up production.

In the short run, lithium carbonate dominates lithium manganate pricing. Significant upward momentum is unlikely without tangible recovery in 3C demand. Over the longer term, market trends will hinge on consumer electronics stocking schedules, peak-season orders for electric two-wheelers and lithium carbonate price swings. If Q3 stocking falls short of expectations and battery producers continue de-stocking, lithium manganate may stay in a weak consolidation phase. Investors should closely monitor brand procurement plans and monthly cell production data.

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.

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