[SMM Analysis] Hexafluoride Production Down MoM, January-February

SMM March 7 News: 

In February 2025, LiPF6 production continued to decline. Demand side, electrolyte demand continued to decrease due to the impact of the Chinese New Year holiday, and most electrolyte manufacturers had already conducted necessary inventory stocking of LiPF6 in January, leading to weakened demand for LiPF6.

Supply side, LiPF6 manufacturers mainly arranged production plans based on orders. As lithium carbonate prices continued to decline slightly, market sentiment remained cautious, and manufacturers were reluctant to build up inventory. Cost side, while lithium carbonate prices continued to decline slightly, lithium fluoride prices remained firm or even showed an upward trend expectation during December-January. Additionally, as most LiPF6 manufacturers lack self-produced lithium fluoride production lines and primarily rely on purchasing lithium fluoride externally for production, the raw material costs for LiPF6 did not show a significant decrease.

SMM New Energy Research Team

Cong Wang 021-51666838

Rui Ma 021-51595780

Disheng Feng 021-51666714

Ying Xu 021-51666707

Yanlin Lü 021-20707875

Yujun Liu 021-20707895

Xiaodan Yu 021-20707870

Xianjue Sun 021-51666757

Zhicheng Zhou 021-51666711

He Zhang 021-20707850