[SMM Separator Weekly Review] Prices Were Stable This Week

This week, separator prices extended their sideways trend, with quotation ranges for all specifications remaining largely unchanged from last week. Specific quotations showed that high-end wet-process separator prices held firm: 5μm (5μ+2μ) was quoted at 1.57-1.87 yuan/m², 7μm (7μ+2μ) mainstream quotations were at 1.14-1.337 yuan/m², and 9μm (9μ+3μ) was quoted at 1.135-1.29 yuan/m². The price stability was driven by both the supply-demand gap and the tug-of-war between upstream and downstream. August terminal production schedules are projected to rise about 8% MoM, while separator production growth narrowed to around 3%, with output growth consistently trailing downstream demand growth, further widening the supply-demand gap. However, after multiple rounds of price adjustments, battery cell enterprises showed diminishing marginal acceptance of separator price hikes, bringing the upstream-downstream tug-of-war to a stalemate phase. By product, coated products performed relatively firm, supported by energy storage and high-end power demand, while base film remained pressured by competitive pricing from second- and third-tier enterprises, limiting increases. In the short term, prices sustained stability in August. As the traditional order negotiation cycle approaches in September, coupled with the potential for further increases in downstream production schedules, separator enterprises' willingness to raise prices will gradually strengthen, with market focus on the actual magnitude of the new round of orders. Coated products are expected to remain the main driver of price increases, while base film increases will be relatively mild, constrained by the competitive landscape.

SMM New Energy Industry 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