Quarter Ending June 2026
Global battery-grade high-purity manganese sulphate monohydrate (HPMSM, Mn ≥31.8%) markets reflected disciplined price consolidation, clear feedstock-driven cost support, and steady demand across Q2 2026. China remained the primary pricing benchmark, with EXW/DDP China prices consolidating at USD 850–1,000/MT. Ample domestic refining capacity was balanced by firm cost floors established by manganese ore prices, electrolytic manganese metal (EMM) costs, and purification economics, alongside expanding demand from LMFP and high-manganese NCM precursor manufacturers. In Europe, DDP Europe benchmarks for qualified battery-grade material held steady at USD 1,250–1,500/MT, reflecting import dependency, EU Battery Regulation compliance, inventory holding costs, and long-haul logistics.
North America maintained the highest regional pricing tier at USD 1,600–2,000/MT (DDP North America) due to supply-constrained conditions, limited local refining capacity, stringent qualification timelines, and strong commercial preference for IRA-compliant, non-FEOC qualified material. Entering Q3 2026, market outlooks remain neutral to stable in APAC and Europe, while North America skews moderately bullish driven by policy-restricted compliant supply.
| Region | Benchmark Specification | QoQ Change | Avg. Quarterly Price (USD/MT) | Supply | Demand | Key Market Driver | Outlook |
|---|---|---|---|---|---|---|---|
|
APAC |
EXW China / DDP China (Battery-Grade HPMSM, Mn ≥31.8%) |
-1% to +2% |
USD 850–1,000 |
Surplus to Balanced |
Firm (LMFP/NCM) |
Chinese refining capacity utilization, manganese ore pricing, EMM costs, and LMFP commercialization |
Neutral to Stable |
|
Europe |
DDP Europe (Qualified Battery-Grade HPMSM) |
0% to +3% |
USD 1,250–1,500 |
Balanced to Tight |
Steady |
Import dependency, EU Battery Regulation compliance, logistics costs, and qualification requirements |
Stable |
|
North America |
DDP North America (IRA-/Ex-FEOC Qualified HPMSM) |
+2% to +5% |
USD 1,600–2,000 |
Supply Constrained |
Strong |
IRA incentives, OEM localization, ex-FEOC sourcing, and limited domestic refining capacity |
Moderately Bullish |
Note: Prices represent indicative quarterly average spot and contract transaction ranges for battery-grade High-Purity Manganese Sulphate Monohydrate (HPMSM, Mn ≥31.8%) expressed in USD per metric ton. Regional benchmarks reflect prevailing commercial transaction levels for qualified battery precursor supply chains. Actual realized prices vary depending on feedstock route (manganese ore leaching or electrolytic manganese metal dissolution), impurity specifications, OEM qualification status, long-term offtake agreements, delivery terms, and regional sourcing requirements, including applicable localization and origin regulations.
| Processing Route / Feedstock Source | Recommended APAC Price Range (Q2 2026) | Key Market & Cost Characteristics |
|---|---|---|
|
High-Purity Manganese Ore Leaching |
USD 850–950 / MT |
Lowest production cost; requires advanced purification to battery-grade specifications. |
|
EMM (Electrolytic Manganese Metal) Dissolution |
USD 950–1,000 / MT |
Higher production cost due to EMM and electricity prices; preferred for ultra-high-purity applications. |
|
Industrial/Agricultural Grade MnSO₄ |
USD 320–450 / MT |
Non-battery grade material used in fertilizers, animal feed, and industrial applications; unsuitable for precursor manufacturing. |
| Production Route | Relative Cost | Supply Risk | Key Cost Driver | Primary Strategic Fit |
|---|---|---|---|---|
|
High-Purity Ore Leaching |
Low |
Medium |
Manganese ore prices |
Cost-effective base load for large-scale pCAM/LMFP manufacturing |
|
EMM Dissolution |
Medium |
Low |
EMM and electricity costs |
Spot flexibility and ultra-pure specifications |
|
Recycled Manganese (Emerging) |
Medium |
High |
Black mass availability and recovery yields |
Closed-loop circular supply and ESG footprint compliance |
APAC (China & East Asia): China remained the dominant global producer of HPMSM during Q2 2026. While refining capacity from direct ore leaching and EMM dissolution routes remained ample, production economics for higher-cost refiners helped establish a price floor. Firm demand from LMFP and high-manganese NCM precursor manufacturers supported steady consumption without creating a deficit, holding EXW/DDP China prices at USD 850–1,000/MT.
Europe: Europe continued to rely on imported qualified HPMSM to meet battery precursor manufacturing requirements. Structural premiums over Chinese spot levels (USD 1,250–1,500/MT DDP Europe) were maintained due to long-haul ocean logistics, inventory carrying costs, strict qualification procedures, and compliance overhead associated with the EU Battery Regulation.
North America: North American prices remained the highest globally at USD 1,600–2,000/MT (DDP North America). This level reflects supply-constrained conditions, limited local refining capacity, stringent qualification requirements for automotive supply chains, a relatively small spot market, and strong commercial preference for IRA-compliant, non-FEOC material.