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SMM, January 26:
In January 2025, China's anode material production decreased by 5% MoM, up 64% YoY.
Demand side, in January, demand for anode materials across various sectors showed varying degrees of pullback. Power sector, with the Chinese New Year approaching, end-user demand for battery cells weakened, leading to a reduction in power battery cell production scale. Additionally, battery cell manufacturers had already stocked a certain amount of raw material inventory, resulting in a weakened demand for anode materials from power battery cell manufacturers this month. ESS sector, as the year-end approached, end-user purchasing demand declined, and the market remained sluggish, leading ESS battery cell manufacturers to adopt a conservative attitude toward anode material purchases this month. Consumer sector, with the conclusion of year-end promotional activities, the consumer goods market entered an off-season for procurement, prompting battery cell producers to reduce production and cut back on anode material purchases. Against the backdrop of generally weakened downstream demand, anode material producers aligned with market trends by lowering operating rates, resulting in a downward trend in anode material production this month.
In February, affected by the Chinese New Year holiday, downstream battery cell production schedules are expected to further decrease, leading to a significant drop in demand for anode materials. Additionally, due to poor profitability, many anode material companies are likely to reduce production scales. It is estimated that in February, China's anode material production will decrease by 11% MoM, up 84% YoY.
SMM New Energy Research Team
Cong Wang 021-51666838
Xiaodan Yu 021-20707870
Rui Ma 021-51595780
Ying Xu 021-51666707
Disheng Feng 021-51666714
Yujun Liu 021-20707895
Yanlin Lü 021-20707875
Ye Yuan 021-51595792
Chensi Lin 021-51666836
Zhicheng Zhou 021-51666711
Haohan Zhang 021-51666752
Zihan Wang 021-51666914
Xiaoxuan Ren 021-20707866
Yushuo Liang 021-20707892
Jie Wang 021-51595902
Yang Xu 021-51666760
Mengqi Xu 021-20707868
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