[SMM Separator Weekly Review] Prices Stable, Waiting for September Negotiation Window

This week, separator prices continued their sideways trend, with quotation ranges for various specifications remaining essentially unchanged from the previous week. From specific quotations, high-end wet-process separator prices stayed firm: 5μm (5μ+2μ) quoted at 1.57-1.87 yuan/m², 7μm (7μ+2μ) mainstream quotations at 1.14-1.337 yuan/m², and 9μm (9μ+3μ) quoted at 1.135-1.29 yuan/m². From July to August, it was a digestion period after price hikes were implemented. Downstream battery cell manufacturers maintained a stable procurement pace, mainly consuming existing inventory, with market trading activity generally moderate. From a fundamental perspective, the supply-demand gap still exists, but prices have not shown a significant rise yet, mainly due to high cost pressure on battery cell manufacturers and their weak acceptance of further separator price increases, resulting in a stalemate in the tug-of-war between upstream and downstream. Base film price increases were limited due to low-price competition from second- and third-tier enterprises, while coated products performed relatively firmly. In the short term, the September quarterly negotiation is the key period to break the current balance. If peak-season demand materializes as expected, prices may edge up slightly, with the magnitude depending on downstream acceptance.

SMM New Energy Research Department

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lyu 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