[SMM Separator Weekly Review] Base film and coated separator prices remained stable overall this week

Separator prices remained largely stable this week. Quotes for 7μm+2μm wet-process coated separators were 1.143-1.35 yuan/m², averaging 1.247 yuan/m²; quotes for 9μm+3μm wet-process coated separators were 1.14-1.3 yuan/m², averaging 1.22 yuan/m²; quotes for 5μm+2μm held at 1.57-1.87 yuan/m². After last week's modest hike in coated product prices, the market entered a digestion phase this week. Supply-demand fundamentals were unchanged. Separator production growth continued to lag end-user production schedule growth, leaving the shortfall intact; the ramp-up of large battery cell capacity drove the shift to 5μm, and the tight effective supply of high-end products remained unchanged. This week's stability reflects a brief equilibrium after the price increase took effect, not an easing of supply-demand conditions.

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