[SMM Analysis]This article is the first in the series, aiming to analyze the price impact of Chinese-produced energy storage cells exported directly, transshipped via Malaysia, and the hypothetical scenario of local production of lithium iron phosphate (LFP) energy storage cells in the US, from May 14 to August 13. Some of the data used are theoretical, which may make the results appear on the higher side. The author will explain the reasons for each data point in detail to allow readers to replace the relevant data and obtain more targeted conclusions. Follow-up articles (II) and (III) will analyze the price impact due to different tariffs at subsequent time points.

[SMM Analysis: Summary of China's LFP Market in May and Outlook for June] China's LFP production rose approximately 6.7% MoM and 43% YoY, with the overall industry operating rate at around 56%.

[SMM Analysis] This article is the first in the series, aiming to analyze the impact of price changes on energy storage battery cells produced in China through direct export, re-export via Malaysia, and the potential impact if the US were to produce LFP (for ESS) battery cells locally during the period from May 14 to August 13. Some of the data values are relatively theoretical, which may result in seemingly high outcomes. The author will endeavor to explain in detail the reasons for each data value, enabling readers to subsequently replace the relevant data themselves to obtain more targeted conclusions. There will be follow-up articles (Part II and Part III) aimed at analyzing the price impacts caused by different tariffs at subsequent time periods.

In May 2025, SMM's ternary cathode material production increased by 3.52% MoM and 23.91% YoY.

[May's ternary cathode precursor production down 3.99% MoM] In May 2025, SMM's ternary cathode precursor production decreased by 3.99% MoM and increased by 4.53% YoY.

In May, the domestic iron phosphate market remained stable, with production up 2% MoM and surging 38% YoY.

[SMM Analysis: Stable Supply and Demand for Iron Phosphate in May, Price Adjustments Possible in June Amid Rush to Increase Sales Volume] SMM News on May 30: In May, the domestic iron phosphate market remained stable, with production increasing by 2% MoM and surging by 38% YoY...

In the long run, as an important raw material in the new energy battery industry, lithium carbonate, despite facing challenges such as short-term price fluctuations and market competition, still has broad demand prospects driven by the continuous growth of markets like NEVs and ESS.