[SMM Analysis] Significant Decline in LMO Production in January, February Expected to Continue Downward Trend

In January 2025, the production of LMO decreased compared to the previous month but showed YoY growth. The primary reason for the production decline was the impact of the domestic Chinese New Year holiday, during which most LMO producers halted operations for maintenance, leading to a significant reduction in January's production. Additionally, the stockpiling willingness of downstream battery cell manufacturers was lower than in previous years, failing to provide a positive boost to the market. It is expected that by February 2025, the production enthusiasm of LMO enterprises will not have fully recovered. Coupled with February having fewer days than January, LMO production is anticipated to continue declining in February.