[SMM Analysis] Battery Cell Prices for ESS Remained Mostly Stable This Week as Market Demand Gradually Weakened

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SMM January 2 News:

This week, the prices of 314Ah and 280Ah ESS battery cells remained stable, while the prices of 100Ah and 50Ah ESS battery cells experienced a slight decline. From a cost perspective, the theoretical cost of 280Ah battery cells was 0.294 yuan/Wh, and that of 314Ah battery cells was 0.28 yuan/Wh, with overall changes being relatively small. On the market side, year-end domestic demand for ESS battery cells gradually decreased, and inquiry activities also significantly declined. Meanwhile, as battery cell manufacturers cleared inventories through previous low-price strategies, their current inventory levels and market prices have dropped to relatively low levels. At this time, it is the critical period for signing major material orders for battery cells in 2025, and prices are still under intense negotiation. Additionally, battery cell manufacturers have yet to fully grasp the changes in material prices, leading to low willingness to quote, which has slowed the decline in market transaction prices. Looking ahead, entering Q1, the traditional off-season for ESS demand, most battery cell manufacturers are expected to implement production cuts due to changes in demand and the impact of the holiday. Coupled with relatively small short-term changes in battery cell costs, ESS battery cell prices are likely to remain stable in the short term.

SMM New Energy Industry Research Department

Cong Wang 021-51666838

Xiaodan Yu 021-20707870

Rui Ma 021-51595780

Ying Xu 021-51666707

Disheng Feng 021-51666714

Yujun Liu 021-20707895

Yanlin Lü 021-20707875

Ye Yuan 021-51595792

Chensi Lin 021-51666836

Zhicheng Zhou 021-51666711

Haohan Zhang 021-51666752

Zihan Wang 021-51666914

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Jie Wang 021-51595902

Yang Xu 021-51666760