SMM September 11:
Electrolyte prices held steady this week. The average prices for ternary, LFP, and LMO electrolytes were 22,250 yuan/mt, 18,250 yuan/mt, and 14,850 yuan/mt, respectively. Cost side, some additives saw price increases recently due to tight supply; although LiPF6 also faced supply tightness, its price remained stable as the cost of its raw material, lithium carbonate, continued to decline. Overall, the total cost of electrolytes has risen, but due to the time lag in price transmission, the current cost changes have not yet been reflected in end-user electrolyte quotes. Demand side, pure electric heavy-duty truck projects accelerated, coupled with the traditional September-October peak season for auto sales, power battery cell demand saw significant growth; meanwhile, demand in the ESS sector remained robust. Under the resonance of these dual positive factors, overall electrolyte demand steadily increased. Supply side, electrolyte enterprises followed a "produce based on sales" model, and production increased driven by downstream demand. However, due to the overall industry overcapacity, market competition was fierce, and enterprises were relatively passive in price adjustments. Based on the current supply-demand pattern and cost-side factors, electrolyte prices are expected to remain stable in the short term.
SMM New Energy Research Team
Wang Cong 021-51666838
Ma Rui 021-51595780
Feng Disheng 021-51666714
Lyu Yanlin 021-20707875
Zhou Zhicheng 021-51666711
Xu Mengqi 021-20707868
Hu Xuejie 021-20707858
