LFP Prices Continued to Decline in Early February [SMM Analysis]

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SMM, February 13—This week, the LFP market price continued the downward trend from last week, mainly influenced by the ongoing decline in lithium carbonate prices, with an overall price drop of about 200 yuan/mt. Lithium carbonate prices showed a significant downward trend this week, decreasing by approximately 850 yuan/mt. Processing fees remained unchanged after the last adjustment. Regarding lithium carbonate discounts, some material manufacturers and downstream battery cell manufacturers signed long-term agreements that continued the low discount levels of 2024, leading to an expected unfavorable profitability for material manufacturers. Supply side, the overall operating conditions of LFP material manufacturers were relatively stable in early February. Some small and medium-sized LFP manufacturers resumed production after the Lantern Festival holiday, while leading material manufacturers maintained stable production, with no significant changes in the overall market. However, demand side, downstream battery cell manufacturers slightly reduced their procurement volume for February, causing minor adjustments in some supply chain structures. Overall inventory for February is expected to increase.

SMM New Energy Research Team

Cong Wang 021-51666838

Xiaodan Yu 021-20707870

Rui Ma 021-51595780

Ying Xu 021-51666707

Disheng Feng 021-51666714

Yujun Liu 021-20707895

Yanlin Lü 021-20707875

Zhicheng Zhou 021-51666711

Haohan Zhang 021-51666752

Zihan Wang 021-51666914

Xiaoxuan Ren 021-20707866

Yushuo Liang 021-20707892

Jie Wang 021-51595902

Yang Xu 021-51666760

Boling Chen 021-51666836