Latest Update in the SMM Solar Market

According to customs data, aluminum wire and cable exports in December 2024 reached 26,700 mt, marking a significant rebound at year-end, up 59% MoM from November exports and up 57% YoY from November 2023 exports. From January-December, domestic aluminum wire and cable exports totaled 195,300 mt, an increase of 1.83% YoY compared to the full-year 2023 total of 191,700 mt. (The above data is based on codes 76141000 and 76149000.)

[SMM Analysis: Analysis of Secondary Lead Smelters' Chinese New Year Shutdowns and Production Resumption Plans] SMM, January 24: As the Chinese New Year approaches, the shutdowns, holidays, and production resumption plans of China's secondary lead smelters have become the focus of market attention. It is understood that most smelters in January choose to carry out shutdown maintenance or take holidays around the Chinese New Year to adapt to market conditions such as tight raw material supply and reduced demand for lead ingots during the holiday period...

In January 2025, SMM's domestic lithium carbonate total production showed a downward trend, down 10% MoM and up 50% YoY. At month-end, the Chinese New Year holiday arrived, and some lithium chemical plants had production cut plans due to maintenance. This month, the total lithium carbonate production showed a significant decrease. In February, as some lithium chemical plants remain in maintenance cycles, subsequent production recovery involves processes such as starting production and adjusting production lines. Additionally, February has only 28 calendar days. It is expected that SMM's domestic lithium carbonate total production in February will continue to decline, down 5% MoM.

The recall affects 30,931 units of SU7 model’s standard version manufactured between February 6, 2024, and November 26, 2024.

[SMM Analysis: Co3O4 Production Decreased in January, Expected to Decline Further in February] In January 2025, Co3O4 production decreased MoM but showed a slight increase compared to the same period last year. The primary reason for the production decline was the suspension of operations and maintenance at some domestic Co3O4 smelters during the Chinese New Year holiday, leading to an overall reduction in production...

In January 2025, the production of LMO decreased compared to the previous month but showed YoY growth. The main reason for the production decline was the impact of the domestic Chinese New Year holiday, during which most LMO producers halted production for maintenance, resulting in a significant reduction in January's production...

In January 2025, the production of EMD experienced a slight decline MoM. The main reason for the decrease in production was the impact of the domestic Chinese New Year holiday, during which some companies faced equipment adjustment issues, leading to reduced production plans...

In January 2025, Mn3O4 production saw a slight decline MoM. The main reason for this trend was the approach of the Chinese New Year, prompting some companies to cut production for destocking, which led to an overall reduction in production plans...