The current battery-grade Mn3O4 market is experiencing robust growth momentum driven by dual downstream demand boosts. In the LMO sector, expansion in electric two-wheeler and low-end digital demand is expected to increase production by over 5% in 2025, with enterprises favoring it as a substitute for traditional manganese sources. LMFP commercialization is accelerating, with top-tier enterprises initiating large-scale trial production, making it the mainstream manganese source, and its demand share is projected to exceed 25% by 2026. On the supply side, leading enterprise Sinosteel NMC dominates capacity expansion, with Hunan and Hubei contributing over 70% of capacity. The manganese flake method occupies the high-end market, while manganese sulphate method enterprises are accelerating technological transformation. On the cost side, manganese raw material prices remain stable, with top-tier enterprises hedging risks through integrated layouts or long-term agreements. In the short term, the combined effect of the September-October peak season and demand is expected to lead to stable to slightly rising prices for this product in October, with the mainstream quotation range anticipated to reach up to 13,000 yuan/mt.
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