SMM September 25 News:
Electrolyte prices remained stable 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, prices of key raw materials such as certain additives and LiPF6 started to rise due to tight supply, putting production costs of electrolytes under pressure. However, due to the time lag in price transmission, relatively small fluctuations in lithium carbonate prices, and the ability of some electrolyte enterprises to self-supply a certain amount of LiPF6 to hedge costs, electrolyte product prices remained stable for the time being. Demand side, the EV and ESS markets saw increased demand driven by the peak season in September, boosting overall electrolyte demand. In addition, logistics restrictions during the National Day holiday prompted some downstream battery cell manufacturers to stockpile in advance, further boosting electrolyte demand. Supply side, electrolyte enterprises increased their operating rates due to rising downstream demand, but the long-accumulated overcapacity in the industry remained unchanged, and fierce competition limited enterprises' initiative to adjust prices. However, the current supply surplus situation has improved somewhat, and combined with cost-side support, short-term electrolyte prices are relatively well-supported.
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
