【SMM Weekly Review of Power Battery Cell Market】Limited Fluctuations in Battery Cell Prices

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This week, the overall power battery cell market remained stable with limited price fluctuations and a slight increase in market supply. In terms of pricing, the average price of 6-series prismatic ternary batteries was 0.485 yuan/Wh, and that of 100Ah prismatic LFP batteries was 0.315 yuan/Wh. It is expected that there will be strong support at the price floor. The demand structure showed a trend of differentiation. High-end and mid-end car models, such as Xiaomi SU7 and Zeekr 007, continued to increase in sales volume, driving the growth in orders for battery cells that are compatible with both high energy density and fast charging. Although low-cost car models in the A00-A0 segment benefited from the previous price war, the demand elasticity was not as strong as before. In terms of exports, the penetration rate of new energy vehicles in emerging markets such as Southeast Asia showed a good growth trend. Looking ahead, the trends of high-voltage fast charging and intelligence will further boost the demand for high-performance battery cells, leading to an expansion of the structural premium space. Meanwhile, low and mid-end LFP battery cells will continue to face fierce price competition under the pressure of overcapacity, and the industry will accelerate its differentiation.

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