Electrolyte prices edged up this week (2026.9.28-9.30) [SMM lithium battery electrolyte market weekly review]

SMM, September 30:

Electrolyte market prices rose this week, mainly driven by the lagged pass-through of earlier raw material price gains. Specifically, average prices for ternary power-use, LFP-use, and LMO-use electrolytes stood at 33,500 yuan/mt, 32,900 yuan/mt, and 25,050 yuan/mt, respectively. Cost side, LiPF6 prices showed no significant fluctuation this week. Trading sentiment in the market was sluggish ahead of the National Day holiday, and with lithium carbonate raw material prices continuing to decline, overall cost-side support weakened. Although producers raised their offer prices, spot order transactions remained relatively limited, and prices held steady for the time being. For the additive VC, while the current tight supply-demand situation has not yet eased, mainstream producers kept prices stable from a long-term operating strategy perspective, given that industry profits remain at a relatively high level. On the solvent front, upstream raw material prices have seen limited overall fluctuation recently, though battery-grade EC prices rose somewhat, supported by downstream demand. Overall, due to a certain lag in electrolyte cost pass-through, earlier raw material price increases have gradually been reflected in electrolyte prices recently. Looking ahead, against the backdrop of the traditional "September-October peak season," downstream demand is expected to maintain a certain growth momentum, which will in turn boost continued increases in electrolyte production and provide positive support for demand and prices of electrolyte raw materials. Combined with the lagged effect of cost pass-through, the electrolyte market still has some upside potential.

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