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This week, the power battery cell market prices remained stable overall, but structural pressures began to emerge. The average price of LFP battery cells (100Ah square) was 0.315 yuan/Wh, with some small and medium-sized orders dropping to 0.305 yuan/Wh, showing clear signs of price softening. The average price of ternary battery cells (6-series) remained at 0.495 yuan/Wh, with short-term cost support still in place, but demand fell short of expectations, leading to weak upward momentum. On the supply side, top-tier enterprises maintained high operating rates to secure market share. On the demand side, domestic vehicle manufacturers, under sales pressure, compressed battery procurement costs, significantly enhancing their bargaining power with battery cell manufacturers. In the short term, the profit margins of mainstream battery cell manufacturers continued to narrow. In Q1 2025, the total export of power and other batteries reached 61.5 GWh, up 91.2% YoY. Currently, European market demand has shown some recovery, but the procurement pace remains cautious, limiting export growth. In April, domestic new energy vehicle end-user sales are expected to recover, but battery cell prices will remain under pressure, especially with LFP prices potentially further declining, testing the profit bottom line of small and medium-sized manufacturers. Ternary system prices are expected to maintain a fluctuating trend, lacking significant upward momentum.
SMM New Energy Research Team
Cong Wang 021-51666838
Rui Ma 021-51595780
Disheng Feng 021-51666714
Yanlin Lyu 021-20707875
Zhicheng Zhou 021-51666711
Haohan Zhang 021-51666752
Zihan Wang 021-51666914
Jie Wang 021-51595902
Yang Xu 021-51666760
Lianting Yang 021-51595835
Le Yang 021-51595898
