[SMM Separator Weekly Review] Prices Remain Stable Overall, Market Enters a Gaming and Wait-and-See Period

This week, the separator market remained stable overall. In terms of specific quotations, high-end wet-process separator products saw firm prices: 5μm (5μ+2μ) was quoted at 1.57-1.87 yuan/m², 7μm (7μ+2μ) mainstream quotations stood at 1.14-1.337 yuan/m², and 9μm (9μ+3μ) quotations were 1.135-1.29 yuan/m². Supply side, new capacity in July was mainly released through gradual line-by-line modifications, with a slow growth pace; top-tier players maintained full-capacity operations, while second- and third-tier enterprises kept their operating rates at medium to high levels. Demand side, downstream EV and energy storage production schedules stayed high, and battery cell enterprises mainly made just-in-time procurement, with limited stockpiling willingness. Currently, supply and demand are in a tight balance, but the momentum for further price increases is insufficient, and the tug-of-war between upstream and downstream is intensifying. Base film side, constrained by competitive pricing from second- and third-tier enterprises, price increases were limited; coated products, given tight supply-demand, saw relatively firm prices. In the short term, after the previous round of price adjustments took effect, the market entered a period of price digestion, and separator prices are expected to remain largely stable. Going forward, attention should be paid to price changes after the next round of order negotiations begins in September.

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SMM New Energy Industry Research Department

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lyu Yanlin 021-20707875

Zhang Haohan 021-51666752

Wang Zihan 021-51666914

Wang Jie 021-51595902

Xu Yang 021-51666760

Chen Bolin 021-51666836

Yang Le 021-51595898

Li Yisha 021-51666730