Electrolyte prices rose this week (2026.8.31-9.3) [SMM lithium battery electrolyte market weekly review]

SMM, September 3:

Electrolyte prices edged up this week. The average prices of electrolyte for ternary power batteries, LFP batteries, and LMO batteries were 32,750 yuan/mt, 32,150 yuan/mt, and 24,350 yuan/mt, respectively. On the cost side, LiPF6 prices remained stable this week. On one hand, most orders had already been signed, with few new orders placed, leaving market trading sluggish. On the other hand, although tight supply-demand conditions had earlier pushed prices higher, cost pass-through to the electrolyte segment remained incomplete, and electrolyte producers had relatively limited tolerance for raw material price increases, which capped LiPF6 price gains in the short term. For additives, as VC market prices were already at elevated levels, producers' sentiment to continue raising prices weakened. Combined with most orders already signed, VC prices remained relatively stable recently. Solvent prices rose recently, driven by higher costs from crude oil price increases. Overall, the pass-through of raw material price increases to electrolyte prices has a time lag and has not fully materialized. Meanwhile, battery cell manufacturers also face difficulties in passing costs downstream, leaving them with relatively limited tolerance for electrolyte cost increases. As a result, electrolyte prices rose only modestly. From a supply-demand perspective, the EV market was boosted by the traditional September-October peak season, while the ESS sector saw full order books. These dual positives drove higher battery cell production, which in turn lifted electrolyte output. Overall, the future trajectory of electrolyte prices still requires continued monitoring of raw material price changes and the pace of their pass-through downstream.

SMM New Energy Research Team

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lyu Yanlin 021-20707875

Xu Mengqi 021-20707868

Hu Xuejie 021-20707858

Chen Bolin 021-51666836

Wang Yizhou 021-51595909