SMM November 27 News:
This week, the market price of electrolyte increased. The average prices of ternary, LFP, and LMO electrolytes were 30,750 yuan/mt, 29,000 yuan/mt, and 23,000 yuan/mt, respectively. Cost side, LiPF6 and some core additives continued to be affected by tight supply, maintaining an upward price trend; some solvents also showed tightening supply-demand characteristics. On one hand, growing downstream electrolyte demand drove up solvent procurement volume; on the other hand, maintenance at individual top-tier solvent enterprises led to supply contraction, coupled with rising production costs for solvents themselves. Multiple factors jointly pushed up solvent prices. Against this backdrop, electrolyte enterprises faced increased raw material procurement costs, and cost pressure continued to be transmitted to the product end, driving up electrolyte market prices. Demand side, downstream battery cell manufacturers overall still saw some increment recently, supporting electrolyte demand. Supply side, electrolyte production still adopted a "produce based on sales" strategy. Demand growth pushed overall production up, but as cost increases were difficult to quickly and fully pass downstream, some electrolyte enterprises planned to reduce low-price orders to minimize losses, resulting in core increments mainly concentrated in top-tier enterprises with stable raw material supply channels or integrated layouts. Considering the supply-demand pattern and cost-side pressure, as cost pressure on electrolyte enterprises continues to intensify, electrolyte prices are expected to have further room for increase subsequently.
SMM New Energy Research Team
Wang Cong 021-51666838
Ma Rui 021-51595780
Feng Disheng 021-51666714
Lü Yanlin 021-20707875
Zhou Zhicheng 021-51666711
Xu Mengqi 021-20707868
Hu Xuejie 021-20707858
