August NEV Exports Surge 154.7% YoY, BYD Leads with 184,446 Units

The industry chain remained in the doldrums overall this week, with the tug-of-war between sellers and buyers and falling costs dominating the market. Electrolytic metal prices moved sideways around 300,000 yuan/mt, as smelters held prices firm while downstream buyers remained cautious in procurement. The bid-ask spread for intermediate products widened further, with miners still quoting $19-20/lb while downstream purchase intentions had dropped to $15-16/lb, keeping transactions persistently blocked. Salt and powder materials continued to see their price centers under pressure due to weaker raw material costs and insufficient end-use demand, and some traders showed a greater willingness to sell at low prices. Order coefficients for ternary cathode precursors remained suppressed, with production schedules at some domestic producers staying weak. Ternary cathode materials saw accelerated price pullbacks due to lower lithium chemical prices and downward revisions in end-use orders, and China's production schedule in September faced downward pressure, though ex-China high-nickel orders continued to perform well. LCO prices were temporarily stable, but peak-season stockpiling fell short of expectations, and overall demand recovery remained slow. On the policy front, regulators continued to strengthen quality improvement for power batteries and management of payment terms for auto suppliers, which is conducive to improving the long-term operating environment of the industry chain.

At the 2026 Asian Battery Materials Cooperation Forum (South Korea) - New Energy Application Scenario Demand Outlook Forum hosted by SMM, Chen Bolin, Senior LFP Analyst at SMM, shared insights on "Global Iron Phosphate (Lithium) Industry Landscape in 2026 & Raw Material Cost Transmission and Pricing Mechanism Restructuring." Iron phosphate capacity is expanding rapidly, with room for further improvement in capacity utilization rate SMM expects that from 2023 to 2030, China's iron phosphate capacity will grow at a CAGR of 22%, with nominal capacity reaching approximately 1.25 million mt by 2030, and the capacity utilization rate is expected to rise from 31% previously to around 86%. Overall, SMM believes that China's LFP capacity expansion has outpaced production release, and as downstream demand catches up, the capacity utilization rate will gradually increase.