Electrolyte prices remained stable this week (2026.2.24-2.26) [SMM Lithium Electrolyte Market Weekly Review]

SMM February 26:

Electrolyte prices remained stable this week, with the average prices for ternary, LFP, and LMO electrolytes at 32,750 yuan/mt, 31,000 yuan/mt, and 24,000 yuan/mt, respectively. Cost side, core raw materials LiPF6 and VC both showed a "weak supply and demand, stable prices" trend. Affected by the off-season, downstream procurement demand decreased, and upstream supply was simultaneously reduced, creating a hedge between supply and demand contraction. Additionally, buyers and sellers generally had low trading sentiment, resulting in insufficient market activity. Among them, LiPF6 was heavily influenced by wait-and-see sentiment due to the recent sharp rise in raw material lithium carbonate prices and unclear future demand growth, leading to even more sluggish market transactions, with overall prices remaining stable. The stability on the cost side helped maintain stable electrolyte market prices. Demand side, February was the traditional off-season for the industry, compounded by fewer days and production impacts from the Chinese New Year. Weak terminal NEV demand transmitted to the battery cell segment, causing both demand and production to decline, further reducing electrolyte procurement demand. Supply side, electrolyte enterprises continued the "produce based on sales" model. Affected by reduced downstream electrolyte procurement demand, enterprise operating rates were simultaneously lowered, and production subsequently pulled back. Considering the current changes in the supply-demand pattern and cost-side price trends, electrolyte market prices are expected to remain stable in the short term, with significant changes unlikely.

SMM New Energy Research Team

Cong Wang 021-51666838

Rui Ma 021-51595780

Disheng Feng 021-51666714

Yanlin Lü 021-20707875

Zhicheng Zhou 021-51666711

Mengqi Xu 021-20707868

Xuejie Hu 021-20707858

Bolin Chen 021-51666836

Yizhou Wang 021-51595909