[SMM Weekly Review] Cost Support and Demand Dynamics Coexist, Second-Life Application Battery Cell Prices Remain Stable Overall (1.12-1.15, 2026)

SMM January 15 News:

Second-life application this week:

Second-life battery cell prices remained generally stable this week. Cost side, lithium carbonate prices showed an upward trend despite fluctuations, providing some support for battery cell cost; cobalt salt prices also continued to rise, further increasing pressure on the upstream cost side. Supply side, battery cell manufacturers have not made significant adjustments to the current tax rebate policy, maintaining stable production and shipment pace; however, some second-life enterprises are optimistic about future prices, believing that cost increases will gradually be passed on to end-users, leading to a tendency to raise shipment quotes. Nevertheless, downstream enterprises' purchase willingness remained cautious, with limited acceptance of price increases, preferring to wait and see market changes, resulting in obvious price games between upstream and downstream. Against this backdrop, actual transaction prices showed no significant changes, maintaining a sideways movement pattern overall.

By type, LFP ESS second-life battery cells were supported by demand, especially with the ongoing advancement of ESS projects, driving robust procurement demand, leaving some upside room for future prices; LFP EV sector, due to weakened demand and adjustments in production pace by some enterprises, saw insufficient support from the demand side, with prices remaining stable; ternary second-life battery cells, affected by both rising raw material prices and mediocre demand, saw steady market trading, with prices also maintaining a stable trend.

SMM New Energy Research Team

Cong Wang 021-51666838

Rui Ma 021-51595780

Disheng Feng 021-51666714

Yanlin Lv 021-20707875

Yue Lei 021-20707873