[NMP Battery Auxiliary Material] The ex-factory price of NMP synthetic liquid is expected to further decline, primarily due to the decrease in its raw material costs. Although the quotation of monomethylamine, a raw material for NMP, has slightly increased recently, NMP producers still have a certain amount of inventory, and the actual purchase price of monomethylamine remains relatively stable. For NMP producers, the cost of monomethylamine remains largely unchanged. However, the price of BDO, another key raw material for NMP, has slightly decreased recently, which will directly lead to a reduction in the ex-factory price of NMP. Currently, the NMP industry is experiencing a capacity surplus, and NMP recycled liquid continues to squeeze the sales of newly synthesized liquid. Compared to downstream slurry and battery manufacturers, NMP producers have weak bargaining power. To compete for orders, NMP manufacturers have to lower transaction prices. It is expected that the ex-factory price of NMP will continue to show a downward trend in 2025.