China's November iron phosphate production was 104,900 mt, down 9% MoM but up 12% YoY, with January-November total up 63% YoY. The production drop is due to weaker downstream demand, with Q4 2023 seeing LFP businesses reducing inventory, cutting raw material purchases, and thus lowering iron phosphate demand.
Iron phosphate firms are cutting operating rates to match sales and prevent stock buildup. November's production costs stayed similar to October, but cost inversion dampens production enthusiasm. December's off-season expectations of inventory cuts in downstream sectors mean a persistent demand drop for iron phosphate. The industry is entering a "hibernation mode," with widespread production cuts and halts, leading to a continued output decline. December 2023's iron phosphate production in China is expected to fall by 22% MoM, with a slight YoY increase of less than 1%, estimated at 81,700 mt.
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