This week, the industry chain exhibited a divergent trend. The lithium segment performed relatively strong. Lithium ore prices held firm, supported by tight spot cargo flows, price firmness at the mine end, and rigid procurement by salt plants; however, the squeeze of high-priced raw materials on smelting profits gradually emerged. Lithium carbonate first rose then fell, with downstream purchase willingness strengthening near 150,000 yuan/mt; market sentiment for lithium hydroxide recovered somewhat. The nickel salt and ternary chain were under pressure overall, with prices of nickel sulphate, ternary cathode precursor, and ternary cathode material weakening; export orders and demand for 9-series materials provided partial support. LFP maintained high activity, with industry effective capacity near full load; tight supply of iron phosphate became the main bottleneck, and cathode inventory continued to decline. Prices of anode, separator, and electrolyte were generally stable, but supply and demand for raw materials such as LiPF6 and VC tightened. Sodium-ion battery NFPP orders continuously exceeded existing capacity, and ESS battery cabin prices remained stable. The recycling market was affected by the decline in cobalt sulphate prices; transactions of ternary and LCO black mass became cautious. The industry as a whole remains in a phase of inventory adjustment and supply-demand rebalancing before the peak season.

[SMM Lithium Battery Electrolyte Market Weekly Review: Electrolyte Prices Stable This Week (August 17-20, 2026)] From August 17 to 20, 2026, electrolyte prices remained stable. The subsequent market price trend of electrolyte still requires continuous tracking of its raw material price fluctuations and transmission.

Sulfide Prices Continue to Seek Bottom; Zhejiang University’s Kilogram‑Scale Synthesis Breakthrough, 60‑billion‑yuan 30 GWh Project Breaks Ground

This week, operations across the industry chain continued to diverge. The lithium segment remained relatively strong: an upward shift in the price center of lithium carbonate drove ore prices and lithium hydroxide higher, but salt plants became less willing to accept high-priced ore, and further gains were still constrained by margins. Lithium carbonate futures retreated from highs, while spot inquiries and transactions improved somewhat; downstream demand was still dominated by just-in-time procurement. Some metal salts and intermediate product markets remained weak, with more low-priced supply and muted actual transactions; nickel sulphate held steady, but spot orders were under pressure. Ternary cathode precursor prices were weak due to softer raw materials, while ternary cathode material continued to rebound, supported by a rebound in lithium chemicals and stockpiling ahead of the peak season. LFP supply and demand remained in a tight balance; tight raw materials, declining inventory, and rising processing fees strengthened cathode enterprises’ bargaining power. The anode, separator, and electrolyte segments were broadly stable, while supply bottlenecks persisted in parts of the sodium-ion battery chain. On the recycling side, demand for LFP electrode was active, while transactions in high-metal-content black mass were cautious; going forward, focus will be on whether peak-season demand materializes and how raw material price pass-through evolves.

H1 2026, performance of listed companies in the solid-state battery supply chain showed stark divergence. Traditional lithium battery material suppliers reaped huge profit growth (Tinci Materials +>900%) due to price rebounds, while overseas start-ups remained deep in the red (QuantumScape net loss $199M).

[Solid-State Battery: Capchem Expected to Post a Profit of 970-1.03 billion yuan in H1, with Electrolyte Price Increases Contributing to Earnings] On July 9, 2026, Capchem (300037) released its 2026 semiannual performance forecast. During the reporting period, the company expected net profit attributable to shareholders of 970-1.03 billion yuan, up 100.48% to 112.88% YoY. Electrolyte price increases contributed to earnings, and electronic information chemicals continued to deliver growth. For solid-state batteries, Xinyuanbang produced the electrolyte.