This week, China's manganese-based battery materials market showed a differentiated operating trend: battery-grade Mn3O4 prices dropped back slightly, EMD prices edged up slightly, and LMO remained in a weak balance amid the tug-of-war between sellers and buyers. Although the three major products showed different trends, all were supported by the cost side. Overall, the market was mainly stable in the short term, with limited room for wild swings, as the industry gradually transitioned from the post-holiday resumption period to a phase of steady operations......

On the evening of March 18, 2026, at Chery Automobile Battery Night 2026 in Wuhu, Anhui, Chery unveiled its Rhino all-solid-state battery technology. It had completed the development and pilot production of a 60Ah, 400Wh/kg all-solid-state battery cell and was advancing toward an ultra-high energy density of 600Wh/kg.

During the last working week before the Chinese New Year, the EMM market saw a significant narrowing of its decline after a cumulative drop of 600 yuan/mt the previous week, gradually entering a state of weak stabilization. The mainstream tax-inclusive ex-factory prices in the Manganese Triangle Region (Chongqing Xiushan, Hunan Huayuan, Guizhou Songtao) and Guangxi were quoted at 17,200-17,400 yuan/mt, while distributor prices at Tianjin Port and Huangpu Port ranged from 17,400-17,600 yuan/mt, with the lower end of the price range approaching the key threshold of 17,000 yuan/mt...

[SMM Analysis: Review of the EMM Market in 2024 and Outlook for 2025] I. Price Aspect: Quarterly Price Review: 2024 Q1: Supply side, some EMM plants resumed production after the Chinese New Year, and combined with the previous inventory buildup on the supply side, EMM supply remained at a relatively high level. Demand side, steel mills resumed production at a slow pace after the Chinese New Year, with purchasing sentiment remaining stable and spot transactions relatively steady. Overall, supply and demand showed a surplus, putting downward pressure on manganese prices. 2024 Q2: Due to unexpected disruptions in Australian ore shipments, manganese ore prices surged significantly. Although EMM primarily relies on domestic ore, the rise in manganese alloy prices stimulated a strong sentiment to stand firm on quotes for EMM. Supply side, manganese-related prices fluctuated upward, prompting idle EMM plants to resume production, leading to an increase in overall EMM production. Demand side, the significant rise in manganese alloy prices made EMM a more economical alternative raw material, boosting demand from downstream stainless steel mills. Supported by downstream demand and the sentiment to stand firm on quotes, spot prices for EMM fluctuated upward. 2024 Q3: Supply side, with a slight reduction in electricity costs, production costs for EMM plants decreased, and some EMM plants undergoing maintenance gradually resumed production, resulting in a relatively sufficient overall supply of EMM. Demand side, steel mills were affected by high temperatures and the rainy season, leading to increased shutdowns and maintenance, marking the traditional off-season for demand. Steel mills showed weaker enthusiasm for EMM procurement. Additionally, due to production losses, steel mills exerted pressure on raw material prices, showing low acceptance of high-priced EMM, causing spot prices for EMM to fluctuate downward.

According to the latest release from the General Administration of Customs, SMM statistics show that China's exports of unwrought manganese, scrap, and powder in March 2025 were 23,258 mt, up 20.41% MoM but down 31.71% YoY. Exports of wrought manganese and manganese products were 2,164 mt, up 81.70% MoM and 20.41% YoY. In March 2025, the total exports of EMM and manganese products were 25,400 mt, up 23.97% MoM.

[SMM Analysis: Active Downstream Purchasing Drives EMM Export Volume Up MoM] According to the latest release by the General Administration of Customs, SMM statistics show that in December 2024, China's exports of unwrought manganese, scrap, and powder totaled 28,279 mt, up 3.37% MoM and up 10.00% YoY. Exports of wrought manganese and manganese products totaled 2,759 mt, down 33.55% MoM and down 1.36% YoY. The total export volume of EMM and manganese products in December 2024 was 31,000 mt, down 1.50% MoM. The main reasons for the increase in export volume in December were the stocking demand from overseas customers around the Christmas period. Additionally, downstream steel mills had winter stockpiling demand, leading to increased purchasing activity for EMM. Customers also increased their stockpiling to ensure stable raw material supply. As a result, the total export volume of EMM and manganese products increased in December.

China's total exports of unwrought manganese, shredded scrap, and powder stood at 24,930 mt in December 2022, down by 2% month-on-month and 25% over the year.

[SMM Daily Review on EMM: Average Market Transactions, EMM Market Consolidates] The average spot price of EMM in major production areas was 12,300-12,500 yuan/mt, flat MoM from the previous working day; the average FOB price was $1,690-1,730/mt, also flat MoM. Supply side, EMM plants mostly adopted a wait-and-see approach at the beginning of the week, with weak willingness to offer actively. EMM plants showed strong sentiment for price increases, with weak willingness to sell at low prices, focusing mainly on fulfilling long-term contracts, while spot order transactions remained sluggish. Demand side, downstream steel mills are still expected to stockpile before the Chinese New Year, but they remain cautious in purchasing EMM. Attention should be paid to the actual procurement changes in downstream demand for EMM.

【SMM Analysis：EMM Supply Surplus, Prices Running Weak】In July 2024, the domestic spot average price of EMM (main production areas) was 13,160.87 yuan/mt, down 2.59% MoM. The FOB monthly average price of EMM was $1,850.87/mt, down 1.93% MoM. Supply side, the overall production of major EMM plants remained stable. Additionally, EMM plants in Hunan and Yunnan, which had previously halted production, resumed operations, leading to a slight increase in overall EMM production in July. Demand side, the total production of stainless steel showed a decreasing trend in July, with cautious procurement of EMM and low acceptance of high-priced EMM. In summary, the EMM market experienced an intensified supply surplus in July, resulting in weak price performance. Entering August 2024, EMM prices are expected to continue running weak. On one hand, although EMM plants slightly reduced production, the overall production level remained high, coupled with inventory accumulation, leading to a persistent supply surplus. On the other hand, due to the expected profit losses of stainless steel plants, it is difficult for them to increase production in the short term, resulting in continued weak demand for EMM. In summary, the price outlook for EMM is expected to remain weak. In terms of exports, according to SMM, the price gap between domestic and overseas EMM gradually narrowed in July, reducing the purchasing enthusiasm of overseas steel plants. Additionally, due to high temperatures and summer holidays in July, many overseas steel plants shut down for maintenance, leading to decreased demand for EMM from downstream steel plants. Considering the continuation of summer holidays overseas, the purchasing enthusiasm for EMM from steel plants remains weak, and the export price outlook for EMM is expected to decline slightly.

[SMM Analysis: Overseas Steel Mills Actively Purchase EMM, Exports Increase MoM] According to the latest data released by the General Administration of Customs, SMM statistics show that China's exports of unwrought manganese; wrought scrap and powder were 28,655 mt in April 2025, up 23.21% MoM and down 8.24% YoY. Exports of wrought manganese and manganese products were 5,358 mt, up 147.60% MoM and down 35.53% YoY. The total exports of EMM and manganese products in April 2025 were 34,000 mt, up 33.79% MoM. The main reasons for the increase in April exports are as follows: Due to the traditional peak demand season effect of "Golden March, Silver April" for steel, overseas steel mills were still in the peak period of purchasing EMM in April, leading to a significant increase in their demand for EMM. In addition, the economic efficiency of manganese products further improved, resulting in a relatively large increase in export volume in April.