SMM September 18 News:
Electrolyte prices remained stable this week. The average prices for ternary, LFP, and LMO electrolytes were 22,250 yuan/mt, 18,250 yuan/mt, and 14,850 yuan/mt, respectively. Cost side, supported by tight supply, key raw materials such as solvents, additives, and LiPF6 recently showed an upward trend, leading to an increase in overall electrolyte production costs. However, due to the time lag in price transmission, the current cost-side pressure has not yet been reflected in electrolyte product prices. Demand side, the promotion of pure electric heavy-duty trucks and the September-October peak season for auto sales boosted demand release in the EV sector; ESS market demand also remained robust. The combination of these two positive factors drove an upward trend in overall electrolyte demand. Meanwhile, pre-National Day holiday stocking demand from downstream enterprises further boosted demand. Supply side, electrolyte enterprises increased their operating rates in response to growing downstream demand. However, the long-standing overcapacity pattern in the industry remained unchanged, and market competition remained intense, leaving enterprises relatively passive in price adjustments. Based on the current supply-demand pattern and cost-side factors, electrolyte prices are expected to remain stable in the short term.
SMM New Energy Research Team
Wang Cong 021-51666838
Ma Rui 021-51595780
Feng Disheng 021-51666714
Lyu Yanlin 021-20707875
Zhou Zhicheng 021-51666711
Xu Mengqi 021-20707868
Hu Xuejie 021-20707858
