[SMM Analysis] A Review of This Week's Waste Battery for Cascade Utilization Price Trends, 2025.03.10-2025.03.13

SMM March 13 News:

This week, cascade utilization market prices remained stable. On the raw material side, influenced by the recent rise in nickel and cobalt prices, some battery manufacturers and traders showed a certain intention to stand firm on quotes. However, cascade utilization enterprises had low acceptance levels. Since inventory duration would further reduce battery cell prices, battery manufacturers could not hold battery cells for long without selling. As a result, cascade utilization prices overall remained flat. Supply side, battery cell manufacturers saw a MoM increase in production, leading to higher battery cell output, with YoY growth in the production of A- and B-grade battery cells. Additionally, battery replacement projects for buses in various regions began to be implemented, bringing a certain amount of waste battery cells for cascade utilization into the supply. Demand side, cascade utilization enterprises maintained stable production, but downstream demand remained limited to streetlights, small power, small storage, and some electric equipment, with weak acceptance capacity. In the short term, the market may continue to see traders and battery manufacturers standing firm on quotes due to nickel and cobalt salt price influences. However, as the cascade utilization market is a supply and demand-driven market, and profits for cascade utilization battery cells remain higher compared to crushed materials for powdering, cascade utilization battery cell prices are expected to remain stable under the tug-of-war between weak downstream demand and upstream price firmness. In the longer term, as cascade utilization technology is unlikely to ensure comprehensive safety in the short term, downstream demand is unlikely to rise rapidly. With the expected increase in battery cell production and retirement volumes, cascade utilization battery cell prices face further downward pressure.

SMM New Energy Research Team

Cong Wang 021-51666838

Rui Ma 021-51595780

Disheng Feng 021-51666714

Yanlin Lü 021-20707875

Yujun Liu 021-20707895

Xiaodan Yu 021-20707870

Zhicheng Zhou 021-51666711

He Zhang 021-20707850