[SMM Data] January Electrolyte Production Down MoM, Output Expected to Continue Declining Next Month

In January 2024, China's electrolyte production fell 11% MoM, up 94% YoY. Affected by the Chinese New Year holiday, the growth rate of end-use market demand slowed down, leading to an overall decline in demand. The operating rate of electrolyte factories decreased slightly compared to the previous month. With the price of LiPF6 remaining stable and additive prices rising to some extent, some electrolyte enterprises chose to wait and observe until raw material prices stabilized. Most orders were producing based on orders, with raw materials stocked up before the holiday. Meanwhile, the operating rate of battery cell enterprises declined compared to December, prompting electrolyte factories to moderately reduce their operating rates in response to market demand, resulting in a drop in production.

Looking ahead to February, end-use demand is expected to continue declining, and electrolyte demand is also expected to decrease to some extent. China's electrolyte production in February is expected to fall by approximately 6% MoM, up about 127% YoY.

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