[SMM Separator Weekly Review] Production growth continued to lag end-use demand, with the supply-demand gap widening

This week, separator prices continued to move sideways, with quotation ranges for all specifications largely unchanged from last week. Looking at specific quotations, prices for high-end wet-process separators remained 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. Based on actual August operating data, separator production rose 4.61% MoM, while end-user production schedules increased 11.59% MoM over the same period. Production growth was less than half of end-user growth, further widening the supply-demand gap. Entering September, separator production is expected to rise 3.3% MoM, while end-user production schedules are projected to increase 8.12% MoM. Production growth remains significantly below demand growth, and the supply-demand divergence is expected to continue expanding. Leading separator enterprises are currently running at full capacity, and operating rates at second- and third-tier enterprises also remain high. However, constrained by the slow release of new capacity (still primarily through line-by-line upgrades), overall supply elasticity remains limited.

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