Cathode makers struggle in Q4
It was a difficult quarter for the Korean cathode makers in Q4/22 with most disappointing market expectations. L&F (KRX:066970) reported weak volumes although it managed to keep prices flat q/q. It only managed a 4.3% operating margin and guided to that level again in early 2023. Posco Chemical (KRX:003670) also struggled with volumes, but it lost ground on prices too with cathode ASPs down 10-15%. It guided to further downside risks in its cathode business for early-2023 but it later announced news of a blockbuster offtake deal with Samsung SDI (KRX:006400) which erased some of the market’s concerns. LG Chem’s...
Topics
CAM
Cathode
EcoProBM
L&F
LG Chem
Margins
Posco Chemical
Profitability
