[SMM Announcement] Notice on Modifying and Adding Price Points of NEV-Grade and ESS-Grade LFP Cathode Materials 

Dear Users,

Greetings!

With the rapid development of the new energy lithium battery industry, enterprises are paying increasing attention to the material prices of LFP cathodes with different powder compaction densities used in the NEV and ESS sectors. To meet market demand, provide more comprehensive and diverse spot price information, and offer additional settlement reference standards for enterprises, SMM has conducted extensive market research and communication. The optimized LFP cathode material price points have been launched since August 15, 2025:

- LFP (for NEV) with compaction density ≥2.55 g/cm³;
- LFP (for NEV) with compaction density ≥2.50 g/cm³;
- LFP (for NEV) with compaction density ≥2.40 g/cm³ (newly added);
- LFP (for ESS) with compaction density ≥2.50 g/cm³;
- LFP (for ESS) with compaction density ≥2.40 g/cm³;
- LFP (for ESS) with compaction density ≥2.30 g/cm³.

Introduction to the updated SMM LFP cathode material price points:

The SMM LFP cathode material price points are divided into two categories: LFP (for NEV) and LFP (for ESS). SMM comprehensively considers end-user requirements for cycle life and driving range in different application scenarios, evaluates battery manufacturers' material selection criteria, and measures battery energy density, cycle times, and charge rate performance. Each price point is defined by three key indicators: capacity per gram, compaction density, and cycle times. The specific specifications are as follows:

**Adjustment 1:** Renaming and redefining "LFP (high-end, for NEV)."

- Original price point name and definition: LFP (high-end, for NEV). 0.1C discharge capacity ≥156 mAh/g, compaction density ≥2.5 g/cm³, cycle times of 3,000–4,000 at 80% capacity retention.
- Updated price point name and definition: LFP (for NEV) with compaction density ≥2.55 g/cm³. 0.1C discharge capacity ≥156 mAh/g, powder compaction density ≥2.55 g/cm³ (±0.02) (under a 3-mt press), cycle times of 3,000–4,000 at 80% capacity retention.

**Adjustment 2:** Renaming and redefining "LFP (mid-end, for NEV)."

- Original price point name and definition: LFP (mid-end, for NEV). 0.1C discharge capacity ≥155 mAh/g, compaction density ≥2.50 g/cm³, cycle times of at least 3,000 at 80% capacity retention.
- Updated price point name and definition: LFP (for NEV) with compaction density ≥2.50 g/cm³. 0.1C discharge capacity ≥156 mAh/g, powder compaction density ≥2.50 g/cm³ (±0.02) (under a 3-mt press), cycle times of 3,000–4,000 at 80% capacity retention.

**Adjustment 3:** Adding a new price point: "LFP (for NEV) with compaction density ≥2.40 g/cm³."

- New price point name and definition: LFP (for NEV) with compaction density ≥2.40 g/cm³. 0.1C discharge capacity ≥156 mAh/g, powder compaction density ≥2.40 g/cm³ (±0.02) (under a 3-mt press), cycle times of 3,000–4,000 at 80% capacity retention.

**Adjustment 4:** Renaming and redefining "LFP (high-end, for ESS)."

- Original price point name and definition: LFP (high-end, for ESS). 0.1C discharge capacity ≥155 mAh/g, powder compaction density ≥2.40 g/cm³, cycle times exceeding 10,000 at 80% capacity retention.
- Updated price point name and definition: LFP (for ESS) with compaction density ≥2.50 g/cm³. 0.1C discharge capacity ≥155 mAh/g, powder compaction density ≥2.50 g/cm³ (±0.02) (under a 3-mt press), cycle times of 8,000–11,000 at 80% capacity retention.

**Adjustment 5:** Renaming and redefining "LFP (mid-end, for ESS)."

- Original price point name and definition: LFP (mid-end, for ESS). 0.1C discharge capacity ≥155 mAh/g, compaction density ≥2.35 g/cm³, cycle times of 7,000–8,000 at 80% capacity retention.
- Updated price point name and definition: LFP (for ESS) with compaction density ≥2.40 g/cm³. 0.1C discharge capacity ≥155 mAh/g, powder compaction density ≥2.40 g/cm³ (±0.02) (under a 3-mt press), cycle times of 7,000–11,000 at 80% capacity retention.

**Adjustment 6:** Renaming and redefining "LFP (low-end, for ESS)."

- Original price point name and definition: LFP (low-end, for ESS). 0.1C discharge capacity ≥155 mAh/g, compaction density ≥2.30 g/cm³, cycle times of 7,000–8,000 at 80% capacity retention.
- Updated price point name and definition: LFP (for ESS) with compaction density ≤2.40 g/cm³. 0.1C discharge capacity ≥155 mAh/g, powder compaction density ≥2.30 g/cm³ (±0.02) (under a 3-mt press), cycle times of 7,000–11,000 at 80% capacity retention.

For any inquiries, please contact Maria Ma at 021-5159-5780, marui@smm.cn, or Bolin Chen at 021-5166-6836, chenbolin@smm.cn.

Shanghai Metals Market

New Energy Industry Research Team

September 2, 2025