






SMM reported on July 10:
This week, the price of electrolyte has declined. The average prices of electrolytes for ternary power batteries, LFP power batteries, and LMO power batteries were 21,750 yuan/mt, 17,800 yuan/mt, and 14,450 yuan/mt, respectively. Cost side, the price of LiPF6, a core raw material for electrolytes, has decreased, while the prices of solvents and additives have remained stable, leading to a decrease in the overall manufacturing cost of electrolytes. Demand side, due to high inventory pressure in the NEV market, the market is in the phase of destocking vehicles, and automakers' production enthusiasm is weak, resulting in a slight MoM decline in the demand for power batteries. However, in the ESS market, overseas ESS demand is showing a growth trend. Overall, the demand has increased slightly. Supply side, electrolyte enterprises continue to deepen the "produce based on sales" operational model. Although the current market price of electrolytes remains low, due to the structural overcapacity in the industry, market competition pressure is significant, and many enterprises are still willing to adopt a volume discount strategy. Considering multiple factors, it is expected that the price of electrolytes will continue to fluctuate rangebound in the future.
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
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