[SMM Analysis] LCO Production in January 2025 Down 7% MoM, Demand Expected to Recover After Chinese New Year

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In January 2025, LCO production continued to decline, down 7% MoM from December. The main reason was the impact of the Chinese New Year holiday, which led to production line shutdowns at material manufacturers, causing an overall drop in the production schedule. Demand side, the stockpiling pace of battery cell manufacturers also slowed down due to the year-end, resulting in reduced LCO orders. It is expected that production in February will continue to show a slight downward trend, decreasing by 5% MoM. However, stimulated by the consumer electronics subsidy policy, terminal digital market demand is expected to surge after the holiday, driving a recovery in LCO market demand and an increase in procurement volume.

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

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

Lianting Yang 021-51595835