SMM

In November 2024, China's LiPF6 production increased by 7% MoM and 73% YoY. This growth was mainly driven by the rise in end-use market demand and the overall industry demand. The operating rate of LiPF6 factories improved compared to the previous month. In November, the price of LiPF6 saw a certain increase due to factors such as raw material costs and the overall market supply and demand balance. Currently, downstream purchases are cautious, with orders mainly produced based on orders, and inventory levels remain low. Additionally, the operating rate of battery cell enterprises increased compared to October, and LiPF6 factories flexibly adjusted production according to market demand, resulting in a significant increase in production.

In November, driven by strong downstream demand and significant cost-side price increases, the price of LiPF6 also adjusted. The changes in raw material prices gradually transmitted to LiPF6, with the average price of LiPF6 rising from 55,075 yuan/mt to 58,750 yuan/mt, an increase of 6.7%.

Looking ahead to December, end-use demand is expected to decline, leading to a weakening demand for LiPF6. China's LiPF6 production in December is expected to decrease by approximately 6% MoM and increase by approximately 135% YoY.