Battery manufacturer "kowtow" lithium hexafluorophosphate

More tough than ever! Today's lithium hexafluorophosphate has become a "sixth master" who is loved and hated by insiders.

In those days, the exorbitant "Cobalt Grandma" was so arrogant, and this time the "sixth Master" was even more so. A year ago, the price of lithium hexafluorophosphate was only about 95000 yuan per ton. now the price of lithium hexafluorophosphate has reached about 600000 yuan per ton, an increase of more than 500%, far exceeding the peak price of 400000 yuan per ton in 2015.

Although the leading companies in the global power battery industry, such as Ningde era, BYD, and LG New Energy, can bring batteries to the mainframe factory with self-respect, they also have to "bow and bow" in front of the prestigious "sixth Master."

"that's all! Whether you like it or not, that's the price anyway. If you don't buy it now, you won't be able to buy it next year! "

How much? Not much

No wonder the market of lithium hexafluorophosphate is too good. Core concept stocks are all doubled! As a leader, the share price of polyfluoroduo has risen sixfold from last year's low to now, and now it is ramping up production while the iron is hot. On November 24th, it was announced that it was proposed to raise no more than 5.5 billion yuan for the construction of a new electrolyte lithium salt project with an annual output of 100000 tons, of which lithium hexafluorophosphate had an additional production capacity of 80, 000 tons.

80,000 tons of production capacity, more than? If you just look at the numbers, it's not much. However, if converted into the corresponding battery capacity, then the number is not small. According to the relevant industry research, according to the current electrolyte ratio, it takes about 90,110t lithium hexafluorophosphate to produce 1GWhternary battery and 125t lithium hexafluorophosphate to produce 1GWh lithium iron phosphate battery.

Then, the 80, 000 tons of lithium hexafluorophosphate can produce about 727GWh-889 GWh ternary batteries and about 640GWh lithium iron phosphate batteries.

Dofurdo has taken a big step this time. This reminds people of a passage in Lu Xun's Kong Yiji:

On several occasions, the neighbor's children heard laughter and rushed to surround Kong Yiji. He gave them fennel beans, one each. When the child finished eating, he still kept his eyes fixed on the plate. Kong Yiji panicked, stretched out his fingers to cover the plate, bent down and said, "not much, I don't have much." He stood up and looked at the beans again, shook his head and said, "No, is it too much?" How much? Not much. "

At present, the production capacity of polyfluorinated lithium hexafluorophosphate is indeed not much. "the company's lithium hexafluorophosphate products currently have an annual production capacity of 15000 tons and are expected to ship about 13000 tons by the end of 2021," Dafuduo said at the investor relations event on October 19. According to the theory, 15000 tons of hexafluorine can also be equipped with 120GWh lithium iron phosphate battery, or 136GWh-167 GWh ternary battery.

But that capacity has long been carved up. On November 15, DFD signed an agreement with BYD that BYD will purchase no less than 56050 tons of lithium hexafluorophosphate from DFD from 2022 to 2025. In July this year, BYD purchased no less than 6460 tons of lithium hexafluorophosphate from Dofuoduo. Funeng Technology, EnchemCo.Ltd. It also buys no less than 1700 tons and 1800 tons of lithium hexafluorophosphate from polyfluoroduo respectively. In November, EnchemCo.,Ltd purchased no less than 1 billion yuan of lithium hexafluorophosphate from polyfluoroduo.

It is obvious that the current capacity gap of polyfluorine is very large, for battery enterprises that are eager to focus on hexafluorine, "more fluorine has become less fluorine". This has become a common phenomenon in lithium hexafluorophosphate industry.

Battery companies "hoarding"

In order to prepare for the coming TWh era, domestic and foreign battery manufacturers have "full firepower" in capacity expansion.

According to the data disclosed at present, the production capacity planning of Ningde era to 2025 is about 670GWH; BYD's current capacity planning is over 200GWH; billion-weft lithium capacity planning is about 300GWH; China New Aviation (AVIC Lithium) 2025 planning capacity is 500GWH; Guoxuan Hi-Tech planning capacity is over 300GWH; Honeycomb energy capacity planning is over 260GWH; Funeng Technology 2025 planning is over 120GWH; and Xinwangda's planned capacity is over 100GWh.

From the perspective of foreign enterprises, the battery capacity planning of LG New Energy will reach 430GWH by 2025; Panasonic's capacity planning will reach 160GWhSki by 2025; 200GWH by 2025; it will exceed 500GWhShiNorthvolt by 2030; and Samsung SDI will reach 130GWh by 2023.

Although the capacity of many battery companies will not reach production until a few years later, it is a tacit practice in the industry to "hoard" key materials in advance, especially for tight goods such as lithium hexafluorophosphate. This is evident from BYD's early lock on the long list for the next four or five years.

In fact, not only more fluorine has been purchased as "less fluorine", but also the production capacity of other hexafluorine manufacturers has also been looted. In July this year, BYD also purchased a total of not less than 7870 tons of hexafluorine from Yan'an Bikangzi Company. In addition, BYD purchased heavily from Xintai Materials, a subsidiary of Skyline, with no less than 3500 tons from 2021 to 2022 and 3,600 to 7,800 tons in 2023.

In terms of production capacity, BYD's current planning is not the most radical, but as a lithium iron phosphate blade battery, the amount of lithium hexafluorophosphate is larger than the same capacity of ternary batteries, so BYD's hoarding is also the craziest. In addition, because the blade battery is accelerating, perhaps BYD may be holding back a big move in terms of production capacity; because according to Wang Chuanfu's steady engineer thinking strategy, there must be a large capacity behind the material purchase.

The Ningde era, as a "competitor", has planned the largest production capacity in the world, and there are not a few hoarding of hexafluorine. According to the announcement of Divine material in May this year, Ningde Times will purchase 15000 tons of lithium hexafluorophosphate by June 2022. Then, the corresponding battery capacity is also 100GWh level, accounting for about 1% of Ningde's total planned capacity. In addition, in August this year, Ningde era signed an agreement with Yongtai Science and Technology to supply lithium hexafluorophosphate for as long as five years. Although the specific quantity was not disclosed, "Ningwang" must still be a big deal.

Like polyfluorodo, divine materials and Yongtai technology do not have much production capacity. At present, Tianzi material has a liquid lithium hexafluorophosphate production capacity of 30,000 tons / year (equivalent to about 10,000 tons of solid lithium hexafluorophosphate) and a solid lithium hexafluorophosphate production capacity of 2000 tons / year, which has been bought by Ningde era. Yongtai Technology currently has a production capacity of 2000 tons per year and is under construction of 6000 tons; in terms of appetite, it is "not enough to plug teeth in the Ningde era."

"capacity expansion of battery companies will be trapped in lithium hexafluorophosphate, which will remain for a long time." Industry insiders analyzed to Battery China. Because, at present, the production capacity of all domestic hexafluorine manufacturers is not much.

According to the understanding of Battery China, except for polyfluorodo, divine gift and Yongtai, several enterprises with relatively large production capacity are all below 10,000 tons: Tianji shares 8160 tons / year, Yan'an Bikangzi Company 99 years 6400 tons / year, Hongyuan Pharmaceutical holding subsidiary 4000 tons / year, Cunninghamia lanceolata shares and Juhua shares joint venture company 2000 tons / year, Shida Shenghua holding subsidiary Shenghua New Energy 2000 tons / year.

The "sixth Master" continues to be prestigious.

In this tight supply and demand situation, the expansion of hexafluorine production is in full swing. In addition to the 80, 000-ton capacity expansion, Polyfluorodo has planned to invest 5.15 billion yuan to build projects with an annual production capacity of 100000 tons of lithium hexafluorophosphate in July this year. Industry research institutions estimate that the production capacity of polyfluorodo is expected to reach 45000 tons by the end of 2022, and the annual effective capacity is expected to reach 25000 tons.

And the divine material "near the big customer Ningde era" is also very powerful, and plans to build an annual output of 150000 tons of lithium hexafluorophosphate project; Yongtai Science and Technology plans to build an annual production capacity of 20, 000 tons of lithium hexafluorophosphate project in June this year, and in October adjusted the project to "an annual production capacity of 134000 tons of liquid lithium salt industrialization project". In addition, Tianji Co., Ltd. will build an annual production capacity of 10,000 tons of hexafluorine project, Shida Shenghua will build 100000 tons of liquid hexafluorine per year, and Shenzhen Xinxing will build an annual production capacity of 15000 tons of hexafluorine project.

In spite of this, lithium hexafluorophosphate is still in short supply. According to the analysis of industry insiders, lithium hexafluorophosphate project has high entry barriers, high investment intensity, strict environmental protection approval requirements, and the production expansion cycle is as long as 1.5-2 years, and the increase in supply in the short term is very limited. According to industry estimates, the supply gap of lithium hexafluorophosphate will be 17000 tons in 2022, 35000 tons in 2023, and may exceed 60, 000 tons in 2024.

"due to the demand gap, the price of hexafluorophosphoric acid may further rise in the short term, and the price of upstream raw materials superimposed with lithium hexafluorophosphate is so tight that it is difficult to see the price ceiling for the time being." Industry insiders said.

It is not difficult to imagine that the prestige of the "sixth Master" will continue for quite some time.