[SMM Data] LiPF6 production fell MoM in May 2025, with output expected to decline in the following month

In May 2025, China's LiPF6 production decreased by approximately 7% MoM and increased by about 23% YoY. From the demand perspective, the growth rate of downstream electrolyte production significantly slowed down. Additionally, the price of LiPF6 continued to decline slowly, leading downstream customers to adopt a cautious attitude towards the market outlook. Their enthusiasm for stockpiling was notably insufficient, resulting in weakened market demand for LiPF6. On the supply side, LiPF6 producers generally formulated flexible production plans based on orders. Due to the continuous pressure and decline in lithium carbonate prices, the price of lithium fluoride, a key raw material for LiPF6, also fell, driving the price of LiPF6 to decline in tandem. Most enterprises maintained a strong wait-and-see sentiment, generally choosing to adopt a low-inventory strategy to avoid the risk of inventory depreciation caused by price fluctuations, thereby leading to a decrease in LiPF6 production.

Looking ahead to June, electrolyte production is expected to decline in line with the decrease in downstream demand. Coupled with the prolonged low prices of LiPF6, enterprises' production enthusiasm has weakened, leading to a reduction in demand for LiPF6. It is anticipated that China's LiPF6 production will decrease by approximately 4% MoM and increase by about 25% YoY in June.

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SMM New Energy Research Team

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