[SMM Analysis] Separator price remains stable

SMM News on June 5:

This week, separator prices remained stable overall. Mainstream quotations for wet-process separators were as follows: 5μm at 1.35 yuan/m², 7μm at 0.76 yuan/m², and 9μm at 0.74 yuan/m². For dry-process separators, the mainstream quotations were: 12μm at 0.45 yuan/m² and 16μm at 0.44 yuan/m². In terms of the supply-demand structure, the supply side was constrained by the long release cycle of industry capacity, with the accumulated stock capacity from the early stage not yet fully absorbed, resulting in a persistent supply surplus in the market. On the demand side, there was a divergence: demand in the power battery sector was weak, while demand in the ESS sector slightly exceeded previous market expectations, collectively driving a slight MoM increase in the industry's total demand. Based on the current supply-demand balance, separator prices are expected to remain stable in the short term, with limited fluctuations.

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
Zhang Haohan 021-51666752
Wang Zihan 021-51666914
Wang Jie 021-51595902
Xu Yang 021-51666760

Wang Zhaoyu 021-51666827