[SMM Weekly Review of Power Battery Cell Market 7.1] Raw material costs rose this week, but have not yet been passed on to battery cell prices

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This week, the overall market price of power battery cells remained stable. The weekly average price of 100Ah prismatic LFP battery cells was 0.321 yuan/Wh, and the average price of 174Ah products was 0.324 yuan/Wh. There was a potential upward trend in the prices of ternary systems. In July, the cost of cathode materials showed an upward trend, while the cost of anode materials first increased and then decreased. The costs of electrolytes and separators remained stable, and the overall cost of raw materials increased, but it took time for this to be transmitted to the OEMs. In early July, the domestic power battery cell market continued the "stable prices, reduced volumes" pattern seen in June, with no significant breakthroughs on either the supply or demand side. The industry as a whole was in a stalemate. Supported by the rigid demand from car models of Grade A and below, the orders for LFP battery cells remained relatively stable. Currently, OEMs still have a demand for reducing battery costs, but there is no room for further cost reduction in battery cell raw materials. On the demand side, OEMs are still focused on destocking, with a conservative production pace for finished vehicles. Their purchases of battery cells are maintained at a rigid demand level, and there is no obvious intention to restock. In terms of production scheduling, both battery cell manufacturers and finished vehicle manufacturers have taken inventory control as their core strategy, with cautious production and purchasing rhythms. The overall market is characterized by "low inventory and low turnover". In the short term, the power battery cell market will still focus on price stabilization. If second-tier manufacturers actively reduce prices due to increased cash flow pressure in the future, or if raw material prices fluctuate significantly, the market may enter a new round of adjustment.

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