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Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":691,"relatedVideos":692},112468041818336,"97e6f606-7439-4550-bebb-775c7a382ff6","High-purity manganese sulphate deficits set to widen in 2025","high-purity-manganese-sulphate-deficits-set-to-widen-in-2025","article/high-purity-manganese-sulphate-deficits-set-to-widen-in-2025",{"_uid":547,"date":548,"tags":549,"editor":553,"content":563,"excerpt":669,"featured":50,"reporter":670,"_editable":674,"component":675,"seo_title":543,"categories":676,"visibility":683,"author_company":49,"featured_image":684,"seo_description":669,"author_full_name":49,"author_job_title":49,"formattedDate":689,"formattedArticleDate":690},"6e7e16fa-40bb-4825-96ca-07b88c580fd7","2025-02-11 00:00",[550],{"slug":551,"name":552},"china","China",[554],{"slug":555,"name":556,"content":557},"didi-bostock","Didi Bostock",{"job_title":558,"image":559,"bio":561,"linkedin":562},"Editor - Energy Transition & Economics",{"filename":560},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":564,"content":565},"doc",[566,573,578,587,592,597,604,619,624,631,636,641,646,651,656,661,666],{"type":567,"attrs":568,"content":569},"paragraph",{"textAlign":49},[570],{"text":571,"type":572},"China’s high-purity manganese sulphate monohydrate (HPMSM) output contracted in 2024 amidst slower-than-expected demand and low prices, falling 24% on the previous year.","text",{"type":567,"attrs":574,"content":575},{"textAlign":49},[576],{"text":577,"type":572},"Benchmark’s manganese analyst, Zach Parsons, notes that Chinese HPMSM facilities average capacity utilisation rates dropped to just 45% in 2024, down from a historical average of 60%-65%. In addition, several Chinese operations halted production altogether due to challenging market conditions, taking over 30kt tonnes of supply out of the market.",{"type":567,"attrs":579,"content":580},{"textAlign":49},[581],{"type":582,"attrs":583},"image",{"id":49,"alt":584,"src":585,"title":49,"source":49,"copyright":49,"meta_data":586},"","https://a.storyblok.com/f/287943243085208/e49ecc6fae/bm-manganese-prices2x-2-1332326af886.png",{},{"type":567,"attrs":588,"content":589},{"textAlign":49},[590],{"text":591,"type":572},"“The supply response was partly due to the extremely low-price environment early in 2024, with HPMSM prices falling to historical lows of $577/tonne before recovering throughout the year,” Parsons said.",{"type":567,"attrs":593,"content":594},{"textAlign":49},[595],{"text":596,"type":572},"Despite a slowdown in demand-side growth, deep supply cuts saw the HPMSM market flip into a supply deficit in 2024, a marked reversal in fortunes from the previous year.",{"type":598,"attrs":599,"content":601},"heading",{"level":600,"textAlign":49},4,[602],{"text":603,"type":572},"HPMSM deficits to accelerate",{"type":567,"attrs":605,"content":606},{"textAlign":49},[607,609,617],{"text":608,"type":572},"Following a period of sustained oversupply, the HPMSM market has entered a new era of supply deficits, as demand-side growth is projected to outstrip the pace of supply-side additions through to 2030, according to ",{"text":610,"type":572,"marks":611},"Benchmark analysis",[612],{"type":613,"attrs":614},"link",{"href":615,"uuid":49,"anchor":49,"target":49,"linktype":616},"https://www.benchmarkminerals.com/manganese/data-reports/forecast","url",{"text":618,"type":572},".",{"type":567,"attrs":620,"content":621},{"textAlign":49},[622],{"text":623,"type":572},"In 2025, 24kt of new HPMSM supply is set to come into production, but  will be insufficient to offset demand-side growth of 28kt. This result is set to be a widening of the supply deficit to 25kt, supporting higher prices throughout the year.",{"type":567,"attrs":625,"content":626},{"textAlign":49},[627],{"type":582,"attrs":628},{"id":49,"alt":584,"src":629,"title":49,"source":49,"copyright":49,"meta_data":630},"https://lh7-rt.googleusercontent.com/docsz/AD_4nXfl13K11qGgHCnh8nRN4ZhofDXd-zKHtaTSDbe4mNEpOLKgVlsle3hKOnNNSeIwZmBC2nK3U9KQCNC-SeOfC0DLX7VlreVEmEeTwjHS9Ad6G0YJFlT4EriYVtKv1pxd2YdSptG-?key=80iJ1PT8ysb_ehuyxdmUC6h2",{},{"type":567,"attrs":632,"content":633},{"textAlign":49},[634],{"text":635,"type":572},"Meanwhile, Chinese capacity utilisation rates are set to eventually return to historical levels: reaching 60% by 2027. But this alone will be insufficient to bridge upcoming supply deficits.",{"type":567,"attrs":637,"content":638},{"textAlign":49},[639],{"text":640,"type":572},"HPMSM demand is projected to grow at a CAGR of 28% from 2025 to 2028, while supply is expected to grow faster at a CAGR of 32%. Despite this, the market is anticipated to face a deficit ranging between 25-30kt tonnes during this period.",{"type":598,"attrs":642,"content":643},{"level":600,"textAlign":49},[644],{"text":645,"type":572},"How could the market respond?",{"type":567,"attrs":647,"content":648},{"textAlign":49},[649],{"text":650,"type":572},"But supply deficits are unsustainable long term and the market will respond accordingly, either through demand destruction or by unlocking new sources of supply. ",{"type":567,"attrs":652,"content":653},{"textAlign":49},[654],{"text":655,"type":572},"Although the current pipeline for new supply is relatively limited, Parsons notes that significant deficits in the HPMSM market are likely to be short lived as supply responses can be agile, with Chinese brownfield expansions able to materialise in a short period of time.",{"type":567,"attrs":657,"content":658},{"textAlign":49},[659],{"text":660,"type":572},"“Chinese operations also have the potential to increase supply by ramping up capacity utilisation above the standard 60% utilisation levels during periods of high prices,” he added.",{"type":567,"attrs":662,"content":663},{"textAlign":49},[664],{"text":665,"type":572},"Beyond China, additional HPMSM capacity is being developed across North America (50kt), Europe (24kt) and Africa (22kt) by the end of the decade. Although there is just one planned HPMSM project in the ex-China Asian region, despite comprising 10% of global pCAM production capacity by 2030.",{"type":567,"attrs":667,"content":668},{"textAlign":49},[],"China’s high-purity manganese sulphate monohydrate (HPMSM) output contracted in 2024 amidst slower-than-expected demand and low prices, falling 24% on the previous year. Benchmark’s manganese analyst, Zach Parsons, notes that Chinese HPMSM facilities average capacity utilisation rates dropped to just 45% in 2024, down from a historical average of 60%-65%. 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