[SMM Analysis] Weekly Summary of LFP Market

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SMM reported on July 10 that this week, the price of LFP continued to rise from last week, with an overall increase of approximately 325 yuan/mt. The price increase was mainly due to the continuous rise in lithium carbonate prices this week, with a cumulative increase of approximately 1,350 yuan/mt. There were no significant changes in the market this week. Material manufacturers maintained relatively stable production overall, with top-tier enterprises maintaining a steady production pace. Some even increased production slightly, while small and medium-sized manufacturers experienced a slight slowdown in production due to order influences. Analyzing downstream demand by segment, power battery orders are expected to start decreasing this month, while ESS demand is performing well, driving overall demand growth, albeit with limited increments. Recently, a battery cell manufacturer began tendering, and the overall tendering process has been relatively smooth. Based on the information currently available, it is expected that price wars will intensify in H2. Overall, the recent LFP market has mainly focused on tendering as the main topic of discussion, with flat demand and relatively stable market conditions.

SMM New Energy Research Team

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Zhou Zhicheng 021-51666711

Wang Zihan 021-51666914

Lv Yanlin 021-20707875

Zhang Haohan 021-51666752

Wang Jie 021-51595902

Xu Yang 021-51666760

Chen Bolin 021-51666836