SMM February 6th:
In January 2024, China's anode material output was 109,618 tons, down 7% month-on-month and 10% year-on-year.
From the perspective of this month's demand, on the power side, in order to complete the year-end sales target, the dealers of various car companies have more inventory of new energy vehicles, which are currently in the destocking cycle, car companies control the purchase of batteries, and the demand for negative electrodes is limited by battery cell factories; On the energy storage side, the current inventory of battery cell products is still at a high level, although some battery cell factories will put the demand in February in front, but the overall demand is still relatively limited, compared with the December orders; On the consumer side, the current market is generally light, and the demand of battery cell factories has been reduced. At the same time, due to the hoarding of inventory by overseas customers in November, the volume of export orders this month was also less than expected. Anode factories mostly set production on demand, lowered the operating rate, reduced the output of anode materials, and the industry is still in the destocking cycle.
In February, affected by the Spring Festival holiday, downstream orders decreased more, and the output of anode materials may decline further due to demand. In February, China's output of anode materials is expected to be 97,100 tons, down 11% month-on-month and 12% year-on-year.
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