SMM

In December 2024, China's electrolyte production was down 5% MoM, up 124% YoY. The growth rate of end-use market demand slowed, leading to an overall decline in demand. The operating rate of electrolyte factories saw a slight decrease compared to the previous month. Following a price increase of LiPF6 at the beginning of the month, which later stabilized, some electrolyte enterprises opted to wait and observe until raw material prices stabilized. As a result, their willingness to stockpile raw materials remained weak, with most orders being 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, leading to a drop in production.

Looking ahead to January, end-use demand is expected to continue declining, with electrolyte demand also anticipated to decrease to some extent. China's electrolyte production in January is expected to decrease by approximately 9% MoM, while increasing by about 98% YoY.