SMM, July 30:
Electrolyte market prices edged up this week. Among them, the average prices of electrolyte for ternary power use, LFP, and LMO were 31,150 yuan/mt, 30,400 yuan/mt, and 23,250 yuan/mt, respectively. Cost side, spot lithium carbonate prices showed no significant fluctuations this week, and LiPF6 costs remained relatively stable. Moreover, driven by optimistic expectations for future demand and the impact of recent continuous price rises, electrolyte enterprises' overall purchasing willingness warmed up, further pushing market prices higher. Additive side, as demand continued to grow, coupled with the halting of production by some VC enterprises, effective supply in the industry contracted, and the supply-demand tightness intensified further, with prices rising sharply. Solvent side, affected by geopolitical conflicts outside China, crude oil prices rose, driving up the prices of ethylene oxide and propylene oxide, the raw materials for carbonate-based solvents, and solvent prices consequently edged up. Currently, prices of various raw materials for electrolyte are rising, and cost pressure is being continuously transmitted, pushing up electrolyte prices. Supply and demand side, although the industry is in the traditional off-season for sales, battery enterprises, driven by stockpiling needs for the Q3 peak season and the sustained high demand in the energy storage sector, saw battery cell production continue to rise, and electrolyte enterprises generally adopted a produce-based-on-sales model, with industry production rising in tandem. Overall, electrolyte price trends have a strong correlation with raw material costs. At this stage, the cost pressure brought by the rising prices of core raw materials such as VC will gradually be transmitted to the downstream, and there are expectations of upward adjustments for electrolyte prices later on.
SMM New Energy Research Team
Wang Cong 021-51666838
Ma Rui 021-51595780
Feng Disheng 021-51666714
Lv Yanlin 021-20707875
Xu Mengqi 021-20707868
Hu Xuejie 021-20707858
Chen Bolin 021-51666836
Wang Yizhou 021-51595909
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