[SMM Analysis] Cost Increase Relatively Small, ESS Battery Cell Prices Remained Stable This Week

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SMM January 16 News:

This week, ESS battery cell prices remained stable. Cost side, due to the price adjustment of materials such as LFP cathode, the cost of ESS battery cells rose slightly. According to SMM calculations, as of last Friday, the theoretical cost of 280Ah battery cells was 0.295 yuan/Wh, while that of 314Ah battery cells was 0.28 yuan/Wh. Market side, the domestic grid connection projects sprint ended at the end of 2024, and battery cell procurement enthusiasm declined at the beginning of the year. Meanwhile, battery cell manufacturers previously cleared inventory through low-price strategies, and currently, both inventory and market prices are at relatively low levels. Despite the slight rise in battery cell costs, the selling price of battery cells has temporarily remained stable. Looking ahead, as the market enters the off-season for ESS demand in Q1, most battery cell manufacturers are opting for production cuts due to changes in demand and holiday factors. Coupled with relatively small short-term changes in battery cell costs, ESS battery cell prices are expected to remain stable in the short term.

SMM New Energy Industry Research Department

Cong Wang 021-51666838

Xiaodan Yu 021-20707870

Rui Ma 021-51595780

Ying Xu 021-51666707

Disheng Feng 021-51666714

Yujun Liu 021-20707895

Yanlin Lü 021-20707875

Ye Yuan 021-51595792

Chensi Lin 021-51666836

Zhicheng Zhou 021-51666711

Haohan Zhang 021-51666752

Zihan Wang 021-51666914

Xiaoxuan Ren 021-20707866

Yushuo Liang 021-20707892

Jie Wang 021-51595902

Yang Xu 021-51666760