[SMM Analysis] Co3O4 Production Slightly Declined in December, Expected to Continue Declining in January

In December 2024, China's Co3O4 production declined MoM but showed slight growth YoY.

The main reason for the production decline in December was the weak downstream demand for LCO, which limited Co3O4 procurement to just essential needs, with fewer market inquiries. Leading Co3O4 producers maintained a high operating rate, though their planned production decreased.

It is expected that by January, due to the impact of the Chinese New Year holiday, the production schedule of Co3O4 producers will significantly decline. Coupled with the lack of apparent stockpiling demand from downstream LCO enterprises, Co3O4 production is anticipated to decline again MoM. .

SMM New Energy Research Team

Cong Wang 021-51666838

Rui Ma 021-51595780

Ye Yuan 021-51595792

Disheng Feng 021-51666714

Ying Xu 021-51666707

Yanlin Lü 021-20707875

Yujun Liu 021-20707895

Xiaodan Yu 021-20707870

Zhicheng Zhou 021-51666711