[SMM Analysis] The Production of Ternary Cathode Precursors in February Fell 14% MoM

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In February 2024, China's ternary cathode precursor production decreased by 14% MoM and 6% YoY.

Supply side, most manufacturers had stocked up in advance in January. The Chinese New Year holiday in February led to extended shutdown and resumption periods for precursor manufacturers. Additionally, downstream orders fell short of expectations, significantly impacting precursor production.

Demand side, Q1 is an off-season, with domestic and overseas downstream demand remaining relatively weak.

Looking ahead to March, ternary demand is expected to remain relatively mediocre. However, considering full production resumption and the higher number of calendar days in March, ternary cathode precursor production is expected to increase by 13% MoM and decrease by 15% 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

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