[SMM Analysis] Mn3O4 Production Decreased in January, Expected to Decline Again in February

In January 2025, Mn3O4 production saw a slight decline MoM.

The main reason for this trend was the approach of the Chinese New Year, prompting some companies to cut production and destock, which led to a reduction in overall production schedules. Meanwhile, weak demand in the LMO market resulted in a decrease in raw material procurement volume, further impacting the production arrangements of Mn3O4 enterprises. Additionally, the oversupply in the electronic-grade market is unlikely to improve in the short term, making companies more cautious in their production.

It is expected that by February 2025, due to the slow resumption of work after the Chinese New Year and the fewer calendar days in February compared to January, Mn3O4 production will continue to see a slight MoM decline.