Yamamu New Energy: the fourth battery metal that cannot be ignored

Manganese is widely used in iron and steel, non-ferrous metallurgy, chemical industry, electronics, battery, agriculture, medicine and other fields.In 2021, the global manganese consumption will exceed 20 million tons, of which more than 95% is used in the steel metallurgy industry. The steel and manganese industry occupies an absolute dominant position in the downstream consumption of manganese.The application of manganese in the battery industry includes zinc-manganese batteries and lithium-ion battery cathode materials, and the total consumption accounted for about 2% in 2021, of which the manganese used in lithium-ion batteries accounted for about 0.5%.

The new manganese-based cathode material has broad development prospects and the industrialization process is accelerated.

The application of manganese in lithium electric cathode materials is mainly lithium manganese oxide and lithium nickel-cobalt manganese oxide (ternary materials).The outstanding advantages of manganese-containing cathode materials are the high energy density brought by high voltage, rich raw material supply and low cost, and the disadvantages are mainly reflected in the poor electrochemical performance, short cycle life and other aspects.In recent years, with the progress of material modification technology, the industrialization process of manganese-based cathode materials has been accelerated.Among them, lithium manganese iron phosphate as one of the most important improvement directions of lithium iron phosphate is expected to take the lead in industrial application, and lithium-manganese rich base benefits from its ultra-high energy density is considered the most promising cathode material for power batteries after lithium iron phosphate and ternary materials.

From 2021 to 2035, the amount of manganese used in lithium battery cathode materials will increase by more than 10 times.

Benefiting from the rapid growth of shipments of ternary cathode materials and lithium manganese oxide materials, we expect the amount of manganese used for lithium battery cathode materials to exceed 300,000 tons in 2025, with CAGR of 32% in 2021-2025.As the penetration of new manganese-based cathode materials increases, we expect the amount of manganese used in lithium batteries to surge to more than 1.3 million tons by 2035, more than 10 times that used in 2021.In 2035, the amount of manganese used in the lithium battery field is expected to account for 5% of the overall manganese demand, and the steel industry will still account for more than 90% of the demand due to the large base.

China has a high dependence on manganese raw materials, and the shortage of electrolytic manganese supply in 2021.

China's total manganese ore resources are high but low grade. downstream manganese products processing mainly depends on imported raw materials, and the external dependence will exceed 90% in 2021.Manganese processing products include manganese alloy, electrolytic metal manganese, electrolytic manganese dioxide and manganese sulfate, etc.In 2021, due to the influence of industry & quot; supply-side reform & quot; and power rationing, electrolytic manganese production decreased by 200,000 tons, with a serious supply shortage, and the price increased by more than 200%, significantly higher than other manganese products.

Manganese industry presents & quot; binary pattern & quot;, 2022 battery grade manganese sulfate product profitability recovery.

Steel industry manganese & quot; high base & quot; and battery manganese & quot; high growth & quot; manganese industry presents & quot; binary pattern & quot;.Since 2022, the price trend differentiation of steel manganese products and battery manganese products has reflected this trend.In addition, due to the common soluble production of electrolytic manganese manganese sulfate, the supply disturbance of electrolytic manganese will lead to a structural shortage of battery grade manganese sulfate.In 2022, the price of electrolytic manganese returned to rationality and the continuous rise of manganese sulfate price brought a significant recovery in the profitability of manganese sulfate products, and the profit per ton widened to 4000 yuan.