SMM

[SMM Analysis: Weak Downstream Demand Leads to Reduced EMM Production in April] SMM data shows that in April 2025, China's EMM production decreased by approximately 2% MoM and increased by over 5% YoY. Although EMM plants in Guangxi and Guizhou, which had suspended production earlier, resumed operations in April, leading to an increase in production, EMM plants in Hunan and other regions experienced a slight reduction in production due to a shortage of manganese ore raw materials and equipment maintenance. Overall, the production decrease in some regions offset the increase in others, resulting in an overall decline in total EMM production in April. In May, the overall operating rate of manganese plants remained at 70% of capacity. With the completion of equipment maintenance at some EMM plants, production is expected to increase slightly. Additionally, as the number of calendar days in May increases, the overall supply of EMM is expected to rise. According to the production schedule survey of manganese plants, the supply side is expected to see an increase in production in May.