SMM December 25:
Electrolyte prices held steady this week, with the average prices for electrolyte for ternary power batteries, LFP, and LMO at 36,750 yuan/mt, 35,250 yuan/mt, and 28,250 yuan/mt, respectively. Cost side, as downstream battery cell enterprises had limited acceptance of price increases, electrolyte enterprises struggled to fully pass on rising raw material costs, with some orders facing losses. This led to weaker willingness among electrolyte enterprises to purchase raw materials at higher prices. Coupled with some easing in raw material supply-demand tightness, prices of materials like LiPF6 dropped back slightly. However, due to incomplete cost pass-through previously, most electrolyte orders were in a state of losses, so short-term electrolyte prices remained stable. Demand side, as the traditional peak season ended, domestic power and consumer electronics market demand pulled back, but demand in the ESS sector remained strong. Overall demand stayed high without significant cuts. Supply side, affected by incomplete cost pass-through, some electrolyte enterprises lacking scale advantages or raw material integration faced cost pressure, and their production enthusiasm pulled back. However, top-tier enterprises, leveraging long-term contracts, economies of scale, and partial in-house raw material advantages, maintained steady operating pace. Overall, the industry saw no large-scale production cuts and continued to follow the logic of "produce based on sales, supply according to demand" to ensure stable market supply. Considering the supply-demand pattern and cost-side pressure, 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
Chen Bolin 021-51666836
Wang Yizhou 021-51595909
