[SMM ESS Battery Cell Market Weekly Review 5.29] Prices Stabilize with Differentiation, Small-Scale ESS Remains Relatively Strong

The overall prices of ESS battery cells have remained stable, but there are significant structural differences. The domestic phase of centralized grid connection for utility ESS projects has largely concluded, and the market has entered a period of demand absorption. However, the shift in US tariff policies has provided incremental support for short-term production and shipments. Prices for industrial and commercial projects have remained stable, but there is a strong wait-and-see sentiment in transactions. The small ESS market continues to thrive, particularly with tight supply and demand for 50Ah cells. Some producers' production lines are operating at full capacity, and there is a sentiment of price increases in the market, although this has not yet affected the price center. It is expected that there will be slight downward pressure on utility ESS prices, while small ESS prices show an upward trend. Overall, prices will remain stable with localized fluctuations. As policies are phased out and the industry shifts towards marketization, price trends will increasingly depend on project profitability models and product competitiveness. Highly economical scenarios such as small ESS and industrial and commercial ESS are expected to stabilize and recover first, while general-purpose battery cells with lower technological content may face sustained price pressure.

SMM New Energy Industry Research Department

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lv Yanlin 021-20707875

Zhou Zhicheng 021-51666711

Zhang Haohan 021-51666752

Wang Zihan 021-51666914

Wang Jie 021-51595902

Xu Yang 021-51666760

Chen Bolin 021-51666836

Yang Le 021-51595898