[SMM Analysis] During the Off-Season for Consumer Electronics, the LCO Market Became More Conservative

Published: Mar 12, 2026 17:22

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LCO prices remained stable this week. Mainstream quotations for conventional grades still stood above 400,000 yuan/mt, while high-voltage products held firm at the 420,000 yuan/mt threshold. Affected by the traditional off-season for consumer electronics in Q1 and the chip shortage, battery cell manufacturers currently had sufficient inventory levels, and purchase willingness declined further WoW. Most market transactions were driven by the execution of rigid demand under existing plans, and the overall trading atmosphere was subdued. Against the backdrop of rangebound fluctuations in upstream raw material prices and weak demand, LCO prices are expected to remain largely stable in the short term, with market participants generally adopting a wait-and-see attitude and awaiting changes in the subsequent demand pace.

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lv Yanlin 021-20707875

Zhou Zhicheng 021-51666711

Zhang Haohan 021-51666752

Wang Zihan 021-51666914

Wang Jie 021-51595902

Xu Yang 021-51666760

Yang Lianting 021-51595835

Wang Zhaoyu 021-51666827

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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