[SMM Analysis] Demand Weakened Before the Year-End, Battery Cell Prices for ESS Remained Stable This Week

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SMM, January 23:

This week, ESS battery cell prices remained stable. Cost side, influenced by rising prices of LFP cathode materials, copper, and aluminum, the cost of ESS battery cells slightly increased. According to SMM calculations, as of last Friday, the theoretical cost of 280Ah battery cells was 0.297 yuan/Wh, and 314Ah battery cells was 0.282 yuan/Wh. Market side, although overseas demand continued to support shipments for some battery cell manufacturers, domestic ESS battery cell demand entered the traditional off-season in Q1, leading to a slight pullback in overall production and sales of ESS battery cells. Currently, ESS battery cell inventory remains at a low level. Against the backdrop of rising costs and weakening market demand, battery cell prices are temporarily stable. Looking ahead, as the market enters the off-season for ESS demand, most battery cell manufacturers are expected to cut production due to changes in demand and holiday factors. Coupled with relatively small short-term cost changes, ESS battery cell prices are expected 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

Xiaoxuan Ren 021-20707866

Yushuo Liang 021-20707892

Jie Wang 021-51595902

Yang Xu 021-51666760