SMM, May 29:
This week, the price of electrolytes has declined. Specifically, the average prices of electrolytes for ternary NEV batteries, LFP batteries, and LMO batteries have dropped to 21,900 yuan/mt, 17,950 yuan/mt, and 14,525 yuan/mt, respectively. On the cost side, the price of LiPF6, a core raw material for electrolytes, has been under downward pressure due to the dual impact of the continuous decline in the price of lithium fluoride, an upstream raw material, and the lack of significant growth in market demand. Meanwhile, the prices of solvents and additives have also declined to varying degrees, leading to an overall reduction in the manufacturing cost of electrolytes. On the demand side, the impact of the US's tariff reduction on China has not yet been effectively transmitted to the market demand for electrolytes in the short term. Downstream customers continue to maintain conservative production and stockpiling strategies, primarily focusing on "purchasing as needed," resulting in weak growth momentum in market demand and a relatively small boost to the industry chain. On the supply side, top-tier enterprises in the industry are continuously deepening the operational model of "produce based on sales." Against the backdrop of long-term declining electrolyte prices, some enterprises will proactively avoid orders with slim profit margins or even losses. However, constrained by the current situation of overall industry overcapacity, some enterprises still choose to maintain sales at the cost of short-term losses, attempting to accelerate market share capture through a low-price strategy. Considering multiple factors, it is expected that the price of electrolytes will continue to face downward pressure in the future.
SMM New Energy Research Team
Wang Cong 021-51666838
Ma Rui 021-51595780
Feng Disheng 021-51666714
Lv Yanlin 021-20707875
Zhou Zhicheng 021-51666711
Xu Mengqi 021-20707868
Hu Xuejie 021-20707858
