“要签长协得先给钱” 六氟磷酸锂暴涨

Core Viewpoint - The lithium hexafluorophosphate market is experiencing a significant price surge, with expectations for continued demand and improved profitability for leading companies in the sector, although a repeat of previous extreme price spikes is not anticipated [1][4][8]. Price Trends - Lithium hexafluorophosphate prices have rebounded sharply from a low of 49,800 yuan/ton on July 18 to 106,300 yuan/ton on October 30, marking an increase of over 120% in less than four months [2][4]. - The price on October 31 was further adjusted to 110,800 yuan/ton, indicating a volatile pricing environment [2]. Supply and Demand Dynamics - The supply-demand relationship for lithium hexafluorophosphate has significantly improved, with major companies operating at full capacity and experiencing strong sales [6][10]. - The market is expected to remain in a tight balance until at least 2026, driven by robust demand from the new energy and energy storage sectors, alongside cautious capacity expansion [4][6]. Company Performance - Leading companies such as Tianqi Materials, Dufluor, and Tianji Co. reported improved third-quarter performance, with Tianqi Materials seeing a 52% year-on-year increase in net profit [5][6]. - Dufluor turned a profit in the third quarter with a net profit of 26.72 million yuan, while Tianji Co. significantly reduced its losses [5]. Future Outlook - Companies are optimistic about demand in the first quarter of next year, with expectations for a "not-so-dull" off-season and a potential increase in prices [6][8]. - The industry anticipates that the overall demand for lithium hexafluorophosphate could exceed 300,000 tons next year, with existing capacity and new additions expected to reach around 380,000 tons [8][9]. Market Strategy - Companies are tightening the terms for long-term contracts, requiring upfront payments and adjusting prices based on market conditions [6][7]. - The pricing strategy for long-term contracts is flexible, allowing for monthly adjustments to align with market prices [7]. Capital Expenditure and Production Capacity - The industry has seen low capital expenditure in recent years, leading to a cautious approach to capacity expansion among smaller firms, with future growth primarily expected from leading companies [9][10]. - Tianqi Materials and Dufluor are both planning to enhance their production capabilities through technological upgrades, with Tianqi Materials currently having a capacity of approximately 110,000 tons [9].