MHP
Indonesia's MHP production totaled 40,100 tonnes in Ni. content in November, down 2.55% MoM but up 10.22% YoY, based on Mysteel's survey of eight sampled projects in Indonesia,
From January to November, the cumulative production of MHP in Indonesia was 430,200 tonnes in Ni. content, up 45.63% YoY. Indonesia's MHP production is estimated at 40,500 tonnes in Ni. content in December, up 0.90% MoM and 4.27% YoY.
Nickel Matte
According to Mysteel's survey of 15 sampled projects in Indonesia, Indonesia's nickel matte production totaled 36,900 tonnes in Ni. content in November, up 3.60% month-on-month and 20.16% year-on-year. This total comprised 31,200 tonnes of high-grade nickel matte and 5,700 tonnes of low-grade nickel matte.
From January to November 2025, Indonesia's cumulative nickel matte production was 296,100 tonnes in Ni. content, a decrease of 7.79% compared to the same period last year.
In December, Indonesia's nickel matte production is projected at 37,100 tonnes, up 0.44% MoM and 29.44% YoY. This projection includes 31,500 tonnes of high-grade nickel matte and 5,600 tonnes of low-grade nickel matte.
Cobalt Sulfate
In November 2025, China's cobalt sulfate production reached 17,700 tonnes, marking a month-on-month increase of 11.86% but a year-on-year decrease of 5.64%. The main reasons for the month-on-month growth in cobalt sulfate production in November were attributed to two factors, including changes in the raw material structure of smelters' production processes, with increased output resulting from the dissolution of electrolytic cobalt and recovery processes, as well as the resumption of operations by some producers that previously suspended production for maintenance. Consequently, cobalt sulfate production saw an increase in November.
In December, China's cobalt sulfate production is projected to be 17,072 tonnes, reflecting a month-on-month decrease of 3.55% and a year-on-year decline of 14.69%. In December, downstream demand for cobalt sulfate is expected to contract slightly. As the supply of cobalt intermediates remains tight, smelters' inventories of cobalt intermediates are gradually being depleted and are difficult to replenish effectively. Additionally, the output growth from electrolytic cobalt dissolution and recovery processes is unlikely to see significant short-term expansion. Therefore, based on production schedules, it is anticipated that smelters may gradually reduce output during the off-season.
Cobalt Chloride
In November 2025, China's production of cobalt chloride reached 14,754 tonnes, marking a month-on-month increase of 3.78% but a year-on-year decrease of 25.11%. In November, the downstream demand for Co3O4 remained relatively stable, continuing its month-on-month growth trend. This stability helped drive improved demand for cobalt chloride. Additionally, some smelters made slight adjustments to their product structures, shifting production focus toward cobalt chloride. As a result, the overall output of cobalt chloride in November showed an upward trend.
China's production of cobalt chloride is projected to be 13,687 tonnes in December, reflecting a month-on-month decrease of 7.23% and a year-on-year decline of 31.40%. In December, as the market enters the off-season, downstream demand for cobalt chloride has softened. Moreover, some producers are facing production pressures due to raw material shortages and have gradually reduced the output. Consequently, cobalt chloride production in December is expected to decline MoM.
Lithium Carbonate
According to Mysteel, China's lithium carbonate production reached 93,800 tonnes, up 5.1% month-on-month. In November, some large-scale refineries in Jiangxi and certain lepidolite-based tolling-oriented processing lines maintained high operating rates, while most other producers operated at steady levels. Production in Qinghai remained stable, while new production lines in Xinjiang were in the ramp-up phase. Furthermore, production cuts were observed among some leading recycling enterprises due to technical upgrades or maintenance shutdowns, and some refineries in Sichuan also reduced the production due to line maintenance. However, China's overall lithium carbonate supply demonstrated an upward trend in November.
Looking ahead, China's lithium carbonate production is estimated at around 98,400 tonnes in December, up 4.9% MoM, Mysteel's survey suggested.
Large-scale refineries in Jiangxi are expected to maintain stable operation in December. Lepidolite-based lithium refineries continue to actively secure tolling orders and ensure production by procuring lepidolite externally. Some refineries in Sichuan that were previously under maintenance have now resumed production. In Qinghai, production schedules at some enterprises are expected to be slightly reduced due to seasonal factors, while other capacities remain generally stable. Additionally, the increased supply of scrap materials from automotive companies has led relevant recycling enterprises to correspondingly raise their December production plans.
Lithium Hydroxide
In November, China's lithium hydroxide production was 28,200 tonnes, down 0.7% month-on-month. In November, capacity ramp-ups were observed at some refineries, with some slightly increasing their operating rates due to growing orders for ternary materials. As lithium hydroxide prices recently hovered at annual highs, producers generally maintained strong production enthusiasm.
China's lithium hydroxide production is projected to be 29,000 tonnes, an increase of 2.8% month-on-month. In December, a few smelters are expected to reduce production slightly due to tight spot supply of lithium ore. However, this is partially offset by continued production ramp-ups on new lines at other plants. Considering a modest seasonal softening in demand for ternary materials towards year-end, lithium hydroxide inventories are anticipated to accumulate.
Battery Grade Manganese Sulfate
In November 2025, China's battery-grade manganese sulfate production reached 18,100 tonnes, representing a month-on-month decrease of 3.72% and a year-on-year decline of 8.38%.
The production for December 2025 is estimated at 18,500 tonnes, reflecting a month-on-month increase of 2.2%. It is anticipated that, with the gradual recovery of downstream market demand in December, demand for manganese sulfate is expected to remain steady, although market sentiment remains largely cautious and wait-and-see.
Ternary Precursor
According to Mysteel's data, China's production of ternary precursor in November 2025 reached 86,700 tonnes, representing a month-on-month decrease of 5.15% but a year-on-year increase of 28.18%. In November, as the off-season set in, while demand from the CATL remained high, demand from other ternary precursor manufacturers declined. This, combined with a decrease in export demand from some producers, contributed to the overall reduction in production.
China's ternary precursor production is estimated to read 83,200 tonnes in December, reflecting a decline of 4.04% MoM but an increase of 23.09% MoM. With a decrease in both domestic and export demand, the overall production is expected to decline in December.
Ternary Cathode Material
According to Mysteel's survey, China's production of ternary cathode materials in November 2025 reached 83,200 tonnes, marking a month-on-month increase of 6.53% and a year-on-year surge of 51.18%. In November, the demand from CATL remained robust, with exports from a few market players continuing to show strong performance, contributing to a slight increase in output. Additionally, some producers that had quarterly adjustments in the previous month resumed production, leading to a more significant rise in production.
China's production of ternary cathode materials is projected to be 80,500 tonnes in December, reflecting a decrease of 3.25% MOM but an increase of 44.38% YoY. With the arrival of the off-season, the demand has begun to decline except for CATL, and export demand is also expected to decrease.
Cobalt Powder
In November 2025, China's cobalt powder production stood at 770 tonnes, down 1.28% month-on-month but up by 0.92% year-on-year. Although seasonal demand turned soft in November, cobalt powder smelters were required to fulfill long-term contracts signed with the downstream traditional cemented carbide sector. Additionally, the premium on cobalt powder remained high, while spot demand was limited, only a slight decline in overall production was reported in November.
China's cobalt powder production for December 2025 is projected to be 769 tonnes, a decrease of 0.13% month-on-month and 14.93% year-on-year. Approaching the end of the year, most downstream cobalt powder users have finished building stocks and are expected to focus on destocking, leading to cautious purchasing in the market. Moreover, due to tight raw material supply, smelters will prioritize maintaining stable production to meet long-term contract obligations, resulting in an overall stable cobalt production in December.
Electrolytic Cobalt
In November, China's electrolytic cobalt production went down 45.13% MoM to 310 tonnes, with a YoY decline 94.22%, according to Mysteel statistics. In November, domestic smelters faced pressure in raw material sourcing. While electrolytic cobalt inventories remained high, downstream demand stayed subdued with persistent losses. Consequently, smelters widely reduced or suspended producing electrolytic cobalt, leading to a continued decline in its supply during November.
It's likely that China's electrolytic cobalt production will edge down to 300 tonnes in December, with drops of 3.23% MoM and 94.52% YoY. In December, following sustained production cuts and suspensions, supply gaps have begun to emerge. However, with inventory levels remaining elevated and the actual inventory digest progressing slowly, electrolytic cobalt prices are expected to struggle to recover in the short term. Consequently, electrolytic cobalt supply is projected to experience a slight decline in December.
Co3O4
In November 2025, China's production of Co3O4 reached 10,150 tonnes, marking a month-on-month increase of 5.51% and a year-on-year growth of 11.27%. In November, downstream battery cell manufacturers brought forward their demand for the first quarter 2026, driving demand for upstream raw materials. Co3O4 producers arranged the production scheduling with the purpose of fulfilling order deliveries, resulting in a month-on-month increase in output for November.
In December, China's production of Co3O4 is projected to be 10,140 tonnes, reflecting a slight month-on-month decline of 0.10% and a year-on-year decrease of 3.24%. In December, the domestic supply of cobalt raw materials remains tight, and smelters are prioritizing the delivery of long-term contracts. Additionally, seasonal weakening of demand has led to a slight reduction in overall market operating rates. As a result, Co3O4 production is expected to decrease slightly in December.
LMO
In November 2025, China's lithium manganese oxide (LMO) production reached 8,760 tonnes, an increase of 200 tonnes from the previous month, representing a month-on-month growth of 2.34%.
LCO
In November 2025, China's production of lithium cobalt oxide (LCO) reached 11,801 tonnes, marking a month-on-month increase of 0.49% and a year-on-year growth of 26.21%. In November, downstream battery cell manufacturers largely completed their annual stockpiling and began signing orders for the first quarter 2026. With demand for the next year being brought forward, LCO producers maintained stable production and delivery based on orders, resulting in a slight month-on-month increase in output for November.
In December 2025, China LCO production is projected to be 11,336 tonnes, reflecting a month-on-month decrease of 3.94% but a year-on-year increase of 10.60%. December falls within a seasonally lull in demand, and downstream battery cell manufacturers have been cautious in signing orders for the next year, with first-quarter orders not yet fully secured. While LCO producers continue to maintain stable deliveries, supply is expected to decline in line with weakening demand. As a result, LCO production is anticipated to show a downward trend in December.
Iron Phosphate
China's iron phosphate production reached 323,400 tonnes in November, up 5.55% MoM. In November, demand from downstream factories remained elevated, with most manufacturers operating at full order capacity. Market operating rates saw a further increase and pushed the overall upstream inventories deeper into a destocking phase. Some producers entered a state of full-capacity operation with robust sales.
It is expected that China's iron phosphate production will down 2.4% MoM to 315,400 tonnes in Ni. content in December.
LFP
In November 2025, China's LFP production reached a historic high of 407,800 tonnes, marking a month-on-month increase of 3.06%. Driven by demand from the power battery and energy storage battery sectors, the overall industry operating rates continued to rise, with most plants maintaining full-capacity production.
In December, LFP production is projected to be 403,100 tonnes, reflecting a slight decrease of 1.15% compared to the previous month. In terms of production schedules, most manufacturers have maintained stable output, while some show divergent trends. In detail, production cuts are primarily influenced by factors such as phased adjustments in power battery orders, year-end destocking, and production line maintenance. Meanwhile, production increases are mainly supported by the steady ramp-up of new capacity in Hubei province, which helps bolster the overall supply.
Anode
China's anode material production totaled 252,600 tonnes in November, up 2.23% MoM and 75.34% YoY. This growth was primarily driven by continued demand expansion for anode materials in November. Leading battery manufacturers operated at full capacity, which supported an increase in the operating rates for artificial graphite anode materials.
Please contact inquiries@mysteel.com if you wish to access the historical data.
