In December 2024, China's electrolyte production decreased by 5% MoM but was up 124% YoY. The growth rate of end-use market demand slowed down, leading to an overall decline in demand. The operating rate of electrolyte factories showed a certain decrease compared to the previous month. After an initial price increase of LiPF6 at the beginning of the month, prices stabilized, prompting some electrolyte enterprises to adopt a wait-and-see approach, waiting for raw material prices to stabilize. Overall, the willingness to stockpile raw materials was weak, and most orders were produced based on orders. Meanwhile, the operating rate of battery cell enterprises began to decline compared to November, prompting electrolyte factories to moderately reduce their operating rates in response to market demand, resulting in a decrease in production.
Looking ahead to January, end-use demand is expected to continue declining, and electrolyte demand is also expected to decrease to some extent. China's electrolyte production in January is expected to decrease by approximately 9% MoM and increase by about 98% YoY.
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