[SMM Separator Weekly Review] Supply-demand tight pattern persists

Published: Oct 15, 2026 17:52 (GMT+8)

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[SMM Analysis] Separator Market Prices Remain Stable Overall

Separator prices were broadly stable this week, with mainstream specification quotations basically flat WoW. According to data, 7μm+2μm wet-process coated separator quotations were 1.143-1.35 yuan/m², 9μm+3μm wet-process coated separator quotations were 1.14-1.3 yuan/m², and 5μm+2μm quotations held at 1.57-1.87 yuan/m², while base film prices were unchanged. The market is currently in the October order negotiation cycle, with upstream and downstream players in a new round of quotation gaming, and actual transaction prices have not yet adjusted. Supply-demand fundamentals continued to tighten. October separator production is expected to rise 2.3% MoM, while power battery cell production schedules are expected to grow 6.6%, and ESS battery production is expected to reach 100.22 GWh, up 5.25% MoM, with supply growth clearly lagging end-user demand growth. Production schedules that were cut in September due to tight copper foil supply are gradually recovering, and combined with concentrated ESS deliveries in Q4, year-end stockpiling, and export rush demand, battery cell manufacturers' purchase willingness is strong. Separator makers' inventories remain low, and the basis for holding prices firm is unchanged. In our judgment, prices will remain stable in the short term, but the window for stable prices will not last long. The direction of a widening supply-demand gap is already clear, and separator makers' bargaining position in order negotiations continues to strengthen, with a new round of price hikes in the brewing stage. Going forward, watch two variables: first, whether the quotation range for coated products in order negotiations can shift upward again as a whole; second, when 5μm+2μm quotations will start to adjust, as this specification has the tightest supply-demand balance, and once a price hike is implemented, the increase is expected to be larger than for other specifications.

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

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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