In October 2023, China's anode material output was 147,384 mt, a 4% decrease month-on-month, but a 5% increase year-on-year.
Looking at the demand for the month, although EV sales were on the rise, the anode material orders did not meet expectations due to high inventory levels. Despite the approaching year-end PV connection to power grid, some energy storage projects were postponed to next year, due to abundant inventory and expectations of further decreases in battery cell price. Therefore, anode material demand was lower than expected. With widespread downstream destocking, anode manufacturers prioritised reducing operating rates and using inventory, resulting in a decline in anode material production.
In November, a continuation of downstream destocking is expected, potentially leading to further production cuts by anode manufacturers.
It is estimated that in November, China's anode material output will reach 141,650 mt, a 4% decrease month-on-month and a 5% increase year-on-year.
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