September, a critical period for the sodium-ion battery industry's push towards mass production, saw differentiated performance across the industry chain segments — production of some materials surged YoY but faced pressure MoM, some segments maintained growth resilience, while mass production bottlenecks, cost pressure, and demand fluctuations remained common challenges for the industry. From cathode and anode to electrolyte and battery cell end-users, operational details and future expectations across segments collectively outline the current development profile of the sodium-ion battery industry.

[SMM Analysis: Lithium Battery Entire Industry Chain Enters Peak Season in September, End-Use Demand Expected to Continue Increasing] SMM October 10: In September, China's monthly lithium carbonate production continued to hit new highs, up 2% MoM and significantly up 52% YoY; lithium hydroxide production surged 26% MoM; cobalt sulphate production rose 8.24% MoM and increased 17.6% YoY; Co3O4 production showed significant growth, up 9% MoM and 40% YoY; ternary cathode precursor production continued its strong growth trend, up 12.28% MoM and 22.05% YoY; ternary cathode material production maintained strong growth, up 13.55% MoM and 23.44% YoY; iron phosphate production surged 17% MoM and increased 58% YoY; LFP material production increased approximately 12.8% MoM and 42% YoY, with an industry operating rate of about 68%; LCO market showed steady growth, with monthly production achieving a slight increase, up 3% MoM and significantly climbing 55% YoY.

Currently, the price increase in the sulfate segment has not been fully passed on to downstream battery cell manufacturers, and battery cell manufacturers have very limited acceptance of the rise in ternary cathode material prices. Under cost pressure, cathode plants also have relatively limited acceptance of the increase in the discount coefficient for upstream ternary cathode precursors.

The market generally expects prices to continue their upward trend, with a strong wait-and-see sentiment prevailing in the initial post-holiday period, leading to relatively cautious trading performance.