Raw material side, spot lithium carbonate prices fluctuated this week, cobalt sulphate prices remained temporarily stable, and nickel sulphate prices dropped slightly.

[SMM Weekly Review of the Lithium Battery Electrolyte Market: Electrolyte Prices Remained Temporarily Stable This Week (2026.3.16-3.19)] From March 16 to March 19, 2026, electrolyte prices remained temporarily stable. Considering the overall trend in cost-side changes and the supply-demand pattern, electrolyte prices are expected to remain temporarily stable in the short term.

According to institutional forecasts, the global demand for LMFP materials is expected to exceed 300,000 mt by 2030, with the market size surpassing 18 billion yuan. Era Rhino, supported by policies, has commenced production, coinciding with the implementation of the "strictest national battery safety standard" GB38031-2025 in 2026, which requires power batteries to be "non-flammable and non-explosive." The high thermal stability of LMFP materials will accelerate the replacement of medium and low-nickel ternary cathode materials, competing for a trillion-yuan market share.

Hunan Yuneng New Energy Battery Materials Co., Ltd. announced an invention patent on January 3, 2025, involving a high-conductivity LMFP precursor, LMFP, and its preparation method. The publication number of the patent is CN119240650A, and the application date is November 22, 2024. The inventors include Tao Chen, Zhilin Long, Fenglei Yu, Jiangtao Cheng, Tao Lin, and Ningxin Zhao. This technology has significant applications in the field of lithium-ion battery materials. The preparation method involves adding manganese source, iron source, and phosphorus source into a nitric acid solution, followed by the addition of nano-silicon dioxide, and conducting a constant-temperature hydrothermal reaction to obtain an intermediate. Subsequently, the intermediate is soaked in an HF solution to finally obtain the LMFP precursor. The precursor is combined with glucose-carbonized carbon nanotubes and a lithium source through a wet ball milling and calcination process. The resulting LMFP exhibits excellent specific capacity and C-rate performance, along with high conductivity.

**LMFP: Hunan Yuneng Invents Precursor** On December 31, 2024, Hunan Yuneng New Energy Battery Materials Co., Ltd. successfully developed and publicly disclosed an innovative patent titled "A Manganese Iron Phosphate Precursor and Its Preparation Method." Through chemical and solid-phase reactions involving phosphoric acid solution, iron powder, manganese carbonate, surfactant, and UiO-66-NH2/Nb2CTx composite material, a manganese iron phosphate precursor with uniform particle size, good morphology, and porous structure was developed. This precursor, when used to prepare LMFP cathode materials, can form a larger contact area with the electrolyte, thereby enhancing ion and electron transport performance, enabling lithium batteries to achieve higher capacity and superior cycling performance.

【100,000 mt/year Lithium Manganese Iron Phosphate (LMFP) Production Line Officially Launched in Gansu】On April 18, 2025, the 100,000 mt/year LMFP cathode material project of Baiyin Shidai Ruixiang New Material Technology Co., Ltd. (hereinafter referred to as "Shidai Ruixiang") was officially launched in the High-Tech Industrial Development Zone of Baiyin City, Gansu Province. The first phase of this project, with a total investment of 485 million yuan, has a production capacity of 20,000 mt. The company has a long-term plan to achieve a total capacity of 100,000 mt, which will be constructed in three phases. The first phase, with a production line capacity of 20,000 mt, has been fully operational, and is expected to generate an annual revenue of 1 billion yuan. Upon completion of the second and third phases, the total capacity will reach 100,000 mt.

The launch of Shidai Ruixiang coincides with the implementation of the "strictest national standard for battery safety" GB38031-2025 in 2026, which requires power batteries to "not catch fire or explode." The high thermal stability of LMFP will accelerate the replacement of medium- to low-nickel ternary cathode materials, seizing a trillion-yuan market.

【Lithium Manganese Iron Phosphate (LMFP): Hunan Yueneng Achieves Significant Breakthroughs in Manganese Dissolution and Other Performance Indicators for Lithium Manganese Iron Phosphate Products】On July 19, 2024, Hunan Yueneng (301358.SZ) announced on an investor interaction platform that the company has successfully launched multiple new Lithium Iron Phosphate (LFP) products. Firstly, the company's new CN-5 series product is primarily used in the energy storage sector. Through early promotion and customer trials, this product has demonstrated significant advantages in terms of cycle life, energy efficiency, and energy density, with some indicators surpassing previous products. Secondly, the YN-9 series product, featuring high energy density, is specifically designed for power batteries and has received high recognition from customers. Additionally, the company has made remarkable progress in the research and development of Lithium Manganese Iron Phosphate (LMFP), achieving significant breakthroughs in performance indicators such as manganese dissolution, high-temperature cycling, and compaction density, while continuously optimizing other crucial performance aspects.

[40,000 mt LMFP Cathode Material Project Is Expected to Begin Production Soon] Recently, the construction site of the Mengxing Nano project has been bustling with activity. The exterior and outdoor works of the project are being finalized and are expected to be delivered for use in April 2025. Once completed and operational, the project is expected to produce and sell 40,000 mt of LMFP cathode material annually, achieving an annual output value of approximately 2 billion yuan and generating annual tax revenue exceeding 80 million yuan. In the future, it will become one of the landmark enterprises for the development of advanced cathode materials in Wangcheng.

[SMM Analysis: Slow Runner in H1 2024 - A Review of the Application of Lithium Iron Phosphate with Manganese (LMFP) in Electric Vehicles] In the first half of 2024, several new energy passenger vehicles equipped with Lithium Iron Phosphate with Manganese (LMFP) saw disappointing sales performance. Nevertheless, the application of LMFP remains vibrant in the high-power market segment, with the industry continuing to welcome this technology.