【SMM Analysis】Tight supply of raw materials leads to cost increase, April battery PMI index below the boom-bust line

In April 2024, the final value of the PMI index for the battery industry was 49.56%, below the boom-bust line. In terms of nickel-metal hydride batteries, market feedback indicates that in April, order situations decreased compared to the previous month due to the continuous rise in raw material prices and difficulty in sourcing raw materials in the spot market, coupled with the obstruction of raw material profit transmission. Similarly, for ternary batteries. Therefore, overall, the production index for the battery industry in April was 49.56%, with a raw material inventory index of 50%. According to SMM research, entering May 2024, nickel-metal hydride companies are more cautious about the future market outlook. The market has a bearish expectation for subsequent raw material prices. In terms of ternary batteries, the price expectations for raw materials are consistent with nickel-metal hydride battery factories. Overall, the composite index of the PMI for the battery industry in April 2024 was 50.44%, above the boom-bust line.

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