SMM reported on July 31:
Recently, the prices of electrolytes have risen. Specifically, the average prices of electrolytes for ternary NEV, LFP, and LMO batteries are 21,700 yuan/mt, 17,750 yuan/mt, and 14,450 yuan/mt, respectively. On the cost side, the price of LiPF6, a core raw material for electrolytes, has increased due to the impact on its raw materials. Additionally, the prices of certain additives have also risen due to supply and demand dynamics, leading to an overall increase in the manufacturing cost of electrolytes. On the demand side, the NEV market has been affected by inventory pressure at the terminal level, resulting in a conservative production pace. This trend has been transmitted to the upstream power battery sector, leading to a slight MoM decline in the demand for power batteries. However, the continuous release of ESS demand has effectively supplemented battery demand, resulting in a slight increase in overall battery demand. On the supply side, electrolyte enterprises continue to operate under the "produce based on sales" model. Despite the current low price range in the electrolyte market, some enterprises still adopt the "volume discount" strategy due to the industry's structural overcapacity. Considering multiple factors, the oversupply situation in the short-term electrolyte market remains difficult to reverse, and prices lack significant rebound momentum. However, driven by the increase in raw material prices, prices have already rebounded and are expected to remain stable or even increase slightly in the subsequent market.
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
