In February 2024, the average monthly price of 314Ah prismatic LFP ESS battery cells was 0.305 yuan/Wh, remaining largely stable MoM; the average monthly price of 280Ah prismatic LFP ESS battery cells was 0.3 yuan/Wh, also largely stable MoM; and the average monthly price of 100Ah prismatic LFP ESS battery cells was 0.343 yuan/Wh, with no change MoM. According to SMM estimates, the theoretical cost of 280Ah ESS battery cells in February was 0.297 yuan/Wh, up approximately 1% MoM, while the theoretical cost of 314Ah ESS battery cells was 0.282 yuan/Wh, up 0.3% MoM.
Cost side, the rebound in prices of anode materials, copper, and aluminum drove a slight increase in ESS battery cell costs. Market side, although overseas demand continued to support shipments from 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 battery cell cost fluctuations are relatively small and market demand is expected to gradually recover from late Q1 to early Q2, mainstream 314Ah battery cell prices are projected to remain largely stable. However, prices of 280Ah and 100Ah battery cells may face slight upward pressure in the short term due to tight supply caused by the depletion of low-cost inventory from earlier periods.
