Power Battery Inventory:
In terms of power side, as of the end of March 2024, the inventory for China's power battery cells stood at 123.6 GWh, with an inventory turnover ratio of 1.95 months, a decrease of 26% compared to February 2024. With the arrival of the peak season for demand and the end users' stockpiling exceeding expectations, the absolute scale of the power battery inventory has increased. However, due to the more notable rise in sales volume, the inventory turnover ratio has significantly dropped. Among them, the inventory of ternary power battery cells has reached a historically low level, with continuous stockpiling expectations both overseas and domestically. In the section of lithium iron phosphate power cells, stable destocking is occurring, driven by promotions for terminal sales models.
Energy storage battery inventory:
As of March 2024, the inventory of energy storage batteries reached 35.11 GWh, with an inventory-to-sales ratio of 2.49 months, a 40% decrease compared to February. In March, driven by the recovery of downstream demand, the utilization rate of energy storage battery enterprises increased, with both production and sales showing significant month-on-month growth. In terms of prices, although raw material prices saw a slight increase in March, the prices of energy storage batteries still declined month-on-month due to the pressure of overcapacity. Furthermore, considering the progress of project deliveries and grid connection timelines, overall demand in April is expected to continue the warming trend from March and to keep rising.
For more information, please contact: cathycai@smm.cn
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