[SMM Separator Weekly Review] Prices remained stable, supply-demand relationship slightly weakened

Published: Nov 05, 2026 16:43 (GMT+8)

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[SMM Analysis] Separator Market Prices Remain Stable Overall

Separator prices held steady this week, with mainstream specifications quoted flat WoW. According to data, quotes for 7μm+2μm wet-process coated separators were 1.143-1.35 yuan/m², 9μm+3μm wet-process coated separators were 1.14-1.3 yuan/m², and 5μm+2μm held at 1.57-1.87 yuan/m², while base film prices were unchanged. Market transactions were mainly execution of existing orders. Recently, downstream battery cell enterprises have trimmed production schedules, and separator procurement pace has slowed, with the previously tight supply-demand relationship easing slightly. Order delivery pressure on separator makers has lessened, and the supply side is no longer in a full-production rush state. Looking ahead to November, downstream production schedules are expected to decline 1%-2% MoM; if realized, separator demand will weaken accordingly. In our assessment, the supply-demand relationship is slightly weakening, and prices are unlikely to rise in the short term. Going forward, attention should be paid to the duration and magnitude of the production schedule pullback. If the year-end push for annual targets in December drives demand recovery, prices will still find support; if the pullback persists, there is potential for the price center to loosen.

SMM New Energy 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

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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