[SMM Analysis] Co3O4 Production Decreased in January and Is Expected to Continue Declining in February

In January 2025, Co3O4 production decreased MoM but showed a slight increase YoY. The decline in production was mainly due to the suspension and maintenance of some domestic Co3O4 smelters during the Chinese New Year holiday, which led to a reduction in overall production. Additionally, as downstream LCO demand remained weak, most companies with stockpiling plans had already completed their purchases in advance. In February 2025, Co3O4 production is expected to decline slightly MoM again, as the post-holiday resumption of work progresses slowly and February has fewer calendar days. SMM New Energy Research Team Cong Wang 021-51666838 Rui Ma 021-51595780 Ye Yuan 021-51595792 Disheng Feng 021-51666714 Ying Xu 021-51666707 Yanlin Lü 021-20707875 Yujun Liu 021-20707895 Xiaodan Yu 021-20707870 Zhicheng Zhou 021-51666711