From March 17 to March 20, 2025, electrolyte prices showed a stable yet slightly declining trend. Cost side, the decline in raw material prices led to a decrease in electrolyte prices.
SMM March 20 Update: This week, electrolyte prices showed a stable to slightly declining trend. The average price for electrolytes used in ternary batteries was 23,750 yuan/mt, for LFP it was 19,500 yuan/mt, and for LMO it was 15,000 yuan/mt. On the cost side, the price of its core raw material, LiPF6, decreased, with an average price reaching 59,500 yuan/mt. The prices of solvents and additives remained largely stable, leading to a slight decrease in the overall cost of electrolytes. On the demand side, although NEV sales increased MoM, this has not yet been transmitted to upstream electrolyte raw materials, and purchases of electrolytes remained stable. On the supply side, electrolyte manufacturers produced based on sales, and LiPF6 producers also adjusted their production according to the order demands from electrolyte companies. The industry chain demonstrated a clear synergistic effect, effectively buffering against the risks brought by short-term fluctuations. In the short term, under the dual influence of surplus capacity pressure and slow demand growth, electrolyte prices are expected to maintain a stable to slightly declining trend. SMM New Energy Research Team Cong Wang 021-51666838 Rui Ma 021-51595780 Disheng Feng 021-51666714 Ying Xu 021-51666707 Yanlin Lv 021-20707875 Yujun Liu 021-20707895 Xiaodan Yu 021-20707870 Xianjue Sun 021-51666757 Zhicheng Zhou 021-51666711 He Zhang 021-20707850
