[SMM Separator Weekly Review] Supply and demand remain tight.

This week, the separator market was generally stable. Looking at specific quotations, prices of mid-to-high-end wet-process separators were firm: 5μm (5μ+2μ) was quoted at 1.57-1.87 yuan/m², mainstream quotations for 7μm (7μ+2μ) were 1.14-1.337 yuan/m², and 9μm (9μ+3μ) was quoted at 1.135-1.29 yuan/m². July-August served as a digestion window for downstream battery cell enterprises after previous price hikes, with procurement mainly focused on essential restocking, and concentrated stockpiling demand had not yet emerged. Looking at production schedules, leading separator enterprises maintained full production, the industry's overall operating rate held above 80%, and supply and demand remained in tight balance. However, upward momentum for further price increases was weak, mainly because the market currently lacked new catalysts, and the upstream and downstream sectors were in a staged equilibrium. Structurally, base film prices were constrained by low-price strategies of second- and third-tier enterprises, leading to limited gains; coated products, supported by demand from energy storage and high-end power batteries, displayed relatively firm prices. As the traditional order negotiation cycle in September approaches, a new round of price talks will become the market's focus. If downstream production schedules increase MoM as expected, coupled with limited supply growth, prices are expected to see a new round of slight upward potential. In the short term, separator prices will remain mainly stable

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SMM New Energy Industry Research Department

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lü Yanlin 021-20707875

Zhang Haohan 021-51666752

Wang Zihan 021-51666914

Wang Jie 021-51595902

Xu Yang 021-51666760

Chen Bolin 021-51666836

Yang Le 021-51595898

Li Yisha 021-51666730