SMM News on June 19:
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, decreased slightly, while the price of solvents rose slightly due to the impact of upstream petrochemical product prices. The price of additives remained stable, resulting in no significant fluctuations in the overall manufacturing cost of electrolytes in the near term, and the cost side maintained a relatively stable pattern. On the demand side, the NEV market was dominated by seasonal factors, with June being a traditional off-season for NEV sales. Auto sales showed mediocre performance, leading to a slight MoM decline in demand for power batteries. In the ESS market, however, due to the gradual emergence of positive effects from the US's reduction of tariffs on Chinese goods, ESS demand increased. Overall, there was no significant change in demand. On the supply side, electrolyte enterprises continued to deepen the "produce based on sales" operational model. Against the backdrop of long-term low electrolyte prices, some enterprises actively avoided orders with small profit margins or even losses. However, constrained by the deep-rooted contradiction of industry-wide overcapacity, some enterprises still chose to adopt a volume discount strategy. Considering multiple factors, it is expected that electrolyte prices will continue to fluctuate rangebound in the subsequent period.
SMM New Energy Research Team
Cong Wang 021-51666838
Rui Ma 021-51595780
Disheng Feng 021-51666714
Yanlin Lv 021-20707875
Zhicheng Zhou 021-51666711
Mengqi Xu 021-20707868
Xuejie Hu 021-20707858
