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In January 2025, LCO production continued to decline, down 7% MoM from December. The main reason was the impact of the Chinese New Year holiday, which led to production line shutdowns at material manufacturers, causing an overall drop in the production schedule. Demand side, the stockpiling pace of battery cell manufacturers also slowed down due to the year-end, resulting in reduced LCO orders. It is expected that production in February will continue to show a slight downward trend, decreasing by 5% MoM. However, stimulated by the consumer electronics subsidy policy, terminal digital market demand is expected to surge after the holiday, driving a recovery in LCO market demand and an increase in procurement volume.
SMM New Energy Research Team
Cong Wang 021-51666838
Xiaodan Yu 021-20707870
Rui Ma 021-51595780
Ying Xu 021-51666707
Disheng Feng 021-51666714
Yujun Liu 021-20707895
Yanlin Lü 021-20707875
Zhicheng Zhou 021-51666711
Haohan Zhang 021-51666752
Zihan Wang 021-51666914
Xiaoxuan Ren 021-20707866
Yushuo Liang 021-20707892
Jie Wang 021-51595902
Yang Xu 021-51666760
Lianting Yang 021-51595835
