High‑purity manganese sulphate output climbed sharply in August as producers prepared for the peak season, though spot orders remain thin. Iron‑phosphate production jumped 59% year‑on‑year, driven by orders from integrated LFP battery firms and capacity expansions, and is forecast to continue rising. Titan Mining’s Kilbourne graphite project demonstrated that its natural flake graphite can be purified to 99.99% for spherical anode material; a demonstration plant will open in late 2025. Meanwhile, black‑mass recycling is booming – the market is set to grow from $11.56 billion in 2025 to $20.96 billion in 2029 as EV adoption and circular‑economy policies boost demand for recovered lithium, nickel and cobalt.
In August 2025 the high‑purity manganese sulphate market entered a critical development phase. Producers ramped up output ahead of the September–October peak season, driving strong month‑on‑month and year‑on‑year growth. Companies fulfilled long‑term contracts, but spot orders remained thin; most plants operated on a produce‑to‑order model to avoid building inventories. Downstream ternary precursor producers kept procurement cautious to manage costs. With the rapid expansion of NEVs and stationary energy‑storage systems, demand for high‑purity manganese sulphate is expected to continue growing in September, sustaining production momentum despite the slow spot market.
Manganese ore markets remained subdued. Prices for Australian lump ore and African semi‑carbonate ore were largely flat week‑on‑week, with minor declines in some grades. Miners were reluctant to offer discounts given firm overseas quotes and limited arrivals, while downstream silicon‑manganese alloy producers tried to push prices lower as they faced weak futures markets. Overall, the market is in consolidation, awaiting clearer signals from ore shipments and alloy demand.
Domestic iron phosphate (FePO₄) production surged 5% month‑on‑month and 59% year‑on‑year in August, reflecting both capacity expansion and strong orders from vertically integrated lithium iron phosphate (LFP) producers. These firms expanded self‑supply to support booming LFP battery demand, while standalone iron‑phosphate producers scaled up to match their expansion plans. Fluctuating lithium‑carbonate prices prompted downstream LFP manufacturers to speed up inventory replenishment, boosting iron‑phosphate demand. However, as integrated LFP producers gain market share, non‑integrated demand is shrinking, creating structural divergence. Costs have been mixed: prices of mono‑ammonium phosphate – a key input – fell seasonally, while ferrous sulfate costs rose, squeezing margins. Looking ahead, September output is forecast to rise another 4% month‑on‑month and 61% year‑on‑year, supported by the traditional peak season and continued growth in EV and energy‑storage markets.
A fresh expansion illustrates the trend. Wanhua Chemical recently announced a RMB 118.91 million project in Sichuan to expand its iron‑phosphate capacity from 50 ktonnes to 120 ktonnes per year by adding two new lines. The company’s battery‑materials subsidiary already operates a 50 kt LFP cathode project and has multiple new LFP and iron‑phosphate projects under construction. Wanhua is also building a next‑generation battery‑materials park that will house 500 kt of LFP and 300 kt of synthetic‑graphite capacity, and it has begun supplying fourth‑generation “high‑compaction” LFP while prototyping fifth‑generation products. Such investments signal that iron phosphate and LFP technology continue to advance as key platforms for affordable, durable batteries.
Titan Mining Corp.’s testwork on natural flake graphite from its Kilbourne project in New York showed the material can be upgraded into multiple high‑value products. Spherical purified graphite (SPG) achieved 99.99% purity with favourable particle size and tap density, meeting anode‑grade requirements for lithium‑ion batteries. Micronised and purified products also exceeded 99.9% purity for industrial applications. These results underpin Titan’s plan to become the first fully integrated U.S. producer of natural flake graphite in decades. The company is constructing a demonstration facility slated for commissioning in Q4 2025; it will validate the process at scale and produce bulk samples for customer qualification. By reducing reliance on imported graphite, the project could enhance U.S. supply‑chain security for battery anodes, refractories and defence applications.
The black mass recycling market – which processes end‑of‑life lithium‑ion batteries to recover nickel, cobalt, lithium and other metals – is expanding rapidly. The market size grew from $10.04 billion in 2024 to $11.56 billion in 2025 and is forecast to reach $20.96 billion by 2029, a 16% compound annual growth rate. Growth is driven by EV adoption, environmental regulations and a focus on circular‑economy principles. Recycling reduces dependence on mining and mitigates waste; for example, BatX Energies opened a zero‑emissions facility in India that extracts lithium and cobalt from spent batteries, while BASF partnered with Stena Recycling to build a European recycling network. However, trade tensions pose risks: U.S. tariffs on imported shredders and separators could delay projects and raise costs. Despite these headwinds, eco‑innovations, AI‑driven sorting and second‑life battery applications are expected to unlock significant investment opportunities.