[SMM Separator Weekly Review] Supply-demand balance remains tight, coated products poised for price hikes

Separator prices continued to consolidate this week, with quotation ranges for all specifications largely unchanged from last week. In terms of specific quotations, prices for high-end wet-process separator products remained firm: 5μm (5μ+2μ) was quoted at 1.57-1.87 yuan/m², mainstream quotations for 7μm (7μ+2μ) stood at 1.14-1.337 yuan/m², and 9μm (9μ+3μ) was quoted at 1.135-1.29 yuan/m². Prices are expected to edge up next week, mainly for 5μm+2μm coated and 7μm+2μm+3μm coated products. The upward momentum still stems from supply and demand. Data shows that separator production growth has remained below terminal production schedule growth, and the gap has not narrowed. On the demand side, there is also a structural shift: as capacity for large battery cells comes online, battery cell manufacturers are accelerating the transition from 7μm to 5μm. The 5μm specification places higher demands on production line yield and equipment, making effective supply even tighter than nominal capacity, and these products have the strongest pricing power. In our assessment, the price increase next week will most likely be led by 5μm+2μm, with 7μm+2μm+3μm following suit. The trend of switching to 5μm is unlikely to reverse in the short term, and the supply-demand tightness for high-end coated products will remain greater than that for base film, leaving further room for price increases.

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