[SMM Analysis] Battery Cell Prices for ESS Slightly Rebounded This Week, with Prices Likely to Remain Stable Subsequently

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SMM March 13 News:

This week, the prices of 280Ah and 100Ah ESS battery cells increased, while the prices of 314Ah and 50Ah ESS battery cells remained stable. The main reason was the rise in prices of key materials such as graphite anodes and copper-aluminum, leading to a short-term increase in ESS battery cell costs, though the growth was relatively small. According to SMM's calculations, as of last Friday, the theoretical cost of 280Ah battery cells was 0.3 yuan/Wh, while that of 314Ah battery cells was 0.284 yuan/Wh. This week, the prices of 280Ah and 100Ah ESS battery cells saw a slight rebound in the short term due to the depletion of low-cost inventory before the holiday. Meanwhile, the prices of 314Ah and 50Ah ESS battery cells remained stable as market supply and demand were balanced, with minimal short-term cost fluctuations. Looking ahead, ESS battery cell market demand is expected to gradually rebound from late Q1 to early Q2. However, due to limited fluctuations in battery cell costs and the gradual completion of capacity transitions for 314Ah ESS battery cells, supply is sufficient, and the price of 314Ah battery cells is expected to remain stable. At the same time, after price adjustments, the prices of 280Ah and 100Ah battery cells are also expected to stabilize.

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

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Ye Yuan 021-51595792

Chensi Lin 021-51666836

Zhicheng Zhou 021-51666711

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