Separator prices remained stable during the week, with supply and demand operating on dual tracks and limited short-term fluctuations.

This week, the overall market prices of separators remained stable. Specific quotes: For wet-process separators, the mainstream prices were 1.35 yuan/m² for 5μm, 0.76 yuan/m² for 7μm, and 0.74 yuan/m² for 9μm. For dry-process separators, the mainstream prices were 0.45 yuan/m² for 12μm and 0.44 yuan/m² for 16μm. On the supply side, constrained by the prolonged capacity release cycle, the accumulated stock capacity has not yet been fully absorbed, and the market continues to exhibit a loose supply situation. On the demand side, there is a structural differentiation: demand in the power battery sector falls short of expectations, while demand in the ESS sector outperforms previous market predictions. The hedging effect between the two drives a slight MoM increase in the overall industry demand. Given the current supply-demand balance, separator prices are expected to maintain a stable trend in the short term, with limited fluctuations.

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

Zhang Haohan 021-51666752

Wang Zihan 021-51666914

Wang Jie 021-51595902

Xu Yang 021-51666760

Wang Zhaoyu 021-51666827