Sodium-ion Battery September-October Peak Season in Progress: Holiday Break Does Not Alter Tight Balance [SMM Analysis]

SMM, October 8:

During the National Day holiday, the sodium-ion battery industry chain largely maintained its pre-holiday pattern, with no notable changes. On the materials side, major cathode enterprises carried out staggered production as scheduled: some began maintenance shutdowns from mid-holiday, with toll processing entities stepping in to ensure supply continuity, leaving core client order deliveries unaffected; construction of newly contracted 10kt-scale production lines progressed normally. On the anode side, some enterprises proceeded with debugging of new production lines and trial production preparations as planned, with the pace unchanged—targeting production readiness by late October and batch delivery by mid-November. Raw material prices were broadly stable during the holiday, with phosphorus-based materials holding at post-pullback lows, bamboo-based material prices steady, and coconut shell charcoal maintaining pre-holiday levels. On the battery cell side, the "September-October peak season" delivery pace continued, grid connection of energy storage projects before year-end remained a clear priority, and mainstream product prices held near 0.6 Yuan/Wh, with no new price adjustments.

Industry attention around the holiday did not fade but shifted to three periods: first, whether new anode production lines can start on schedule in late October; second, progress on the launch and validation of 180Ah energy-density products; and third, Q4 order fulfillment. Overall, the industry is in a phase of "steady transition, poised for momentum," with the holiday leaving the tight supply-demand balance fundamentally unchanged.

SMM New Energy Research Team

Wang Cong 021-51666838

Feng Disheng 021-51666714

Lyu Yanlin 021-20707875