[SMM Weekly Review] Capacity Realignment Underway, Price Uptrend Slowing Down

The separator market edged up slightly this week. In terms of specific quotations, high-end wet-process separator prices remained firm: 5μm (5μ+2μ) was quoted at 1.56-1.86 yuan/m², mainstream quotations for 7μm (7μ+2μ) were 1.14-1.337 yuan/m², and 9μm (9μ+3μ) was quoted at 1.135-1.29 yuan/m². Supply side, new capacity added in July mainly came from line modifications, with a slow pace of growth. Top-tier players have accepted current quotation levels, showing limited motivation for near-term price hikes. July prices are expected to remain largely stable. By product segment, base film price increases were limited, primarily because some second- and third-tier enterprises maintained highly competitive pricing, and this low-price strategy capped overall upside room for base film. Coated products, however, trended higher due to a tight supply-demand pattern. Following the recent round of price increases, the market has yet to form a consensus on expectations for further price hikes. In the short term, separator prices are expected to continue steady operations.

SMM New Energy 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