SMM June 12 News:
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. Cost side, the market prices of LiPF6, the core raw material for electrolytes, as well as solvents and additives, remained stable, resulting in no significant fluctuations in the overall manufacturing costs of electrolytes in the near term, maintaining a relatively stable cost structure. On the demand side, in the power battery sector, due to the recent sluggish performance of terminal auto sales, the impact has rippled up the supply chain, causing battery cell enterprises to slow down their production schedules. In the ESS market, the positive effects of the US's reduction of tariffs on China have gradually emerged, injecting new momentum into the ESS sector. Under the influence of multiple factors, battery cell enterprises have generally adopted a cautious production scheduling strategy while maintaining a "purchasing as needed" model. This has resulted in weak growth momentum in market demand, with limited overall boosting effect on the electrolyte industry. Supply side, enterprises are continuously deepening their "produce based on sales" operational model. Against the backdrop of prolonged low electrolyte prices, some enterprises have proactively avoided orders with slim 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
