SMM, June 5:
This week, electrolyte prices remained stable. The average prices of electrolytes for ternary power batteries, LFP batteries, and LMO batteries were 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, showed a downward trend under the dual influence of declining lithium fluoride prices and sluggish market demand, but the decline was relatively small. Meanwhile, the market prices of solvents and additives remained relatively stable. As a result, the overall manufacturing cost of electrolytes did not decrease significantly, and the cost side maintained a relatively stable pattern. On the demand side, the withdrawal of the mandatory energy storage allocation policy brought short-term pressure of demand contraction to the market, but the reduction of US tariffs on Chinese goods also provided some positive stimulus. Affected by multiple factors, downstream customers adopted a conservative approach to production and stockpiling, generally maintaining a "purchasing as needed" strategy. This resulted in weak growth momentum in market demand and limited overall boost to the electrolyte industry chain. On the supply side, top-tier enterprises in the industry are continuously deepening the "produce based on sales" operational model. Against the backdrop of prolonged low electrolyte prices, some enterprises actively avoid orders with small profit margins or even losses. However, constrained by the deep-rooted contradiction of industry-wide overcapacity, some enterprises still choose to maintain sales at the cost of short-term losses. Considering multiple factors, it is expected that electrolyte prices will continue to fluctuate rangebound in the subsequent period.
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
