[SMM Weekly Review] Battery Cell Prices for Second-Life Application B-Grade Batteries for Well-Known Mobile Phones Remain Stable with Support Underpinned by Supply-Demand Pattern (2025.12.01-2025.12.04)

SMM December 4 News:

Second-Life Application This Week:

This week, second-life B-grade battery cell prices remained stable. Cost side, cobalt salt prices held steady, while lithium chemicals prices saw downward adjustments; supply side, benefiting from dual demand support, showed a stronger-than-usual off-season characteristic, with the release of year-end installation rush demand in the ESS market and growth in overseas orders combining forces, coupled with sustained stable demand in the power battery vehicle market, collectively supporting overall battery cell demand to remain firm, thereby driving the second-life battery market supply landscape to gradually balance out; demand side, although upstream raw material prices remained in a high range, downstream markets had long maintained just-in-time procurement pace, and the rise in cobalt salt prices had already transmitted to the end-use market, the previous price increase for second-life B-grade battery cells had approached the high end of enterprise expectations, combined with no substantive incremental demand emerging in the second-life battery market, leaving insufficient support for further price increases, ultimately forming a stable operating pattern.

Considering the overall supply-demand pattern and enterprise operational strategies, second-life B-grade battery cell prices are expected to remain stable in the near term. From an enterprise operation perspective, most industry participants still adopt low-inventory operation models; to effectively mitigate potential risks from raw material price fluctuations and changes in market demand, the procurement focus is primarily on meeting immediate production just-in-time needs, lacking motivation for large-scale stockpiling. This operational strategy will directly limit the upside room for second-life battery cell prices, making significant price increases unlikely in the short term, with the overall market expected to operate steadily.

SMM New Energy Research Team

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lü Yanlin 021-20707875

Zhou Zhicheng 021-51666711

Lei Yue 021-20707873