SMM

[SMM Analysis: Some EMM Plants Require Maintenance, EMM Production Declines MoM in June] According to SMM data, China's EMM production in June 2025 declined by approximately 4% MoM and increased by over 1% YoY. The main reason for the decline in June production was that EMM plants in Guizhou and Hubei provinces required maintenance, leading to a slight decrease in EMM production. Overall, the production schedules of most EMM plants remained relatively stable, and due to the shorter number of days in the calendar month, the supply of EMM decreased. Entering July, EMM plants that halted production in Guizhou and Hubei provinces may have plans to resume production, but the resumption times vary among different plants. Therefore, the estimated increase in production is expected to be limited. Based on the production schedule survey of manganese plants, the supply side is expected to see a slight increase in production in July.