[SMM Data] In June 2025, LiPF6 production fell MoM. It is expected to continue the downward trend in July.

In June 2025, China's LiPF6 production decreased by approximately 5% MoM and increased by about 23% YoY.

Demand side, the growth rate of downstream electrolyte production has slowed significantly. Coupled with the continuous and gradual decline in LiPF6 prices, downstream customers have adopted a cautious attitude towards market prospects, and their enthusiasm for stockpiling has been notably insufficient, leading to a weakened market demand for LiPF6. Supply side, LiPF6 producers generally formulate flexible production plans based on orders. However, due to the prolonged losses in LiPF6 production, most LiPF6 enterprises have weak production enthusiasm and generally choose to maintain a low-inventory strategy, resulting in a decrease in LiPF6 production.

Looking ahead to July, although electrolyte production will slightly increase with the slow growth of downstream demand, the prolonged low prices of LiPF6 have dampened enterprises' production enthusiasm, leading to a decrease in the operating rate of LiPF6 enterprises. It is expected that China's LiPF6 production will decrease by approximately 2% MoM and increase by about 26% YoY in July.

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SMM New Energy Research Team

Wang Cong, 021-51666838

Ma Rui, 021-51595780

Feng Disheng, 021-51666714

Lv Yanlin, 021-20707875

Zhang Haohan, 021-51666752

Zhou Zhicheng, 021-51666711

Wang Zihan, 021-51666914

Wang Jie, 021-51595902

Xu Yang, 021-51666760

Xu Mengqi, 021-20707868

Hu Xuejie, 021-20707858