SMM

This week, ESS battery cell prices remained largely stable. The main reason was the rise in prices of key materials such as graphite anode material and SBR, leading to a slight increase in ESS battery cell costs in the short term, though the growth was limited. According to SMM calculations, as of last Friday, the theoretical cost of a 280Ah battery cell was 0.298 yuan/Wh, while that of a 314Ah battery cell was 0.2823 yuan/Wh. Looking ahead, ESS battery cell market demand is expected to gradually recover by late Q1 to early Q2. However, due to the relatively small fluctuation in battery cell costs and the completion of the capacity transition for 314Ah ESS battery cells, product supply is sufficient, and mainstream 314Ah battery cell prices are expected to remain largely stable. Meanwhile, 280Ah and 100Ah battery cells may face a risk of slight price increases in the short term due to tight supply, as low-cost inventory from earlier periods has been depleted.