[SMM Analysis] This Week, LCO Prices Continued to Drop Slightly, with February LCO Production Declining MoM.

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This week, LCO prices continued to drop slightly, with the latest prices for 4.2V/4.4V/4.5V LCO at 134,000/138,000/149,000 yuan/mt, respectively. Raw material side, Co3O4 prices saw a significant decline this week, while battery-grade lithium carbonate prices showed relatively small changes, leading to a decrease in LCO costs. Supply side, due to the off-season in consumption and fewer calendar days in February, LCO production decreased MoM. Demand side, driven by subsidy policies for digital products, sales in the digital 3C market increased significantly, boosting LCO market demand.

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