Guo Ji Jin Rong Bao·2025-11-12 12:20Core Viewpoint - The price of lithium hexafluorophosphate has surged dramatically, reaching 128,500 yuan/ton, with a forecast to potentially exceed 200,000 yuan/ton in the future, driven by strong demand from the electric vehicle and energy storage sectors [2][11]. Price Trends - From mid-July to the end of October, the price of lithium hexafluorophosphate increased from 49,800 yuan/ton to 110,800 yuan/ton, a rise of over 120%, with a monthly increase of 76% in October [2][12]. - The price had previously dropped significantly in 2023, reaching a low of around 50,000 yuan/ton before rebounding sharply [12]. Industry Impact - The soaring prices have led to significant stock price increases for companies in the lithium hexafluorophosphate supply chain, with Tianji Co. seeing its stock rise from under 10 yuan/share in August to nearly 50 yuan/share by November [4]. - Other companies like Tianci Materials and Duofluoride have also experienced substantial stock price increases, reflecting the broader market trend [6][8]. Supply and Demand Dynamics - The demand for lithium hexafluorophosphate is being driven by stable growth in the electric vehicle market and a surge in energy storage battery demand, particularly following regulatory changes that prompted a "rush to install" storage projects [13][14]. - The supply side is constrained, with many small producers exiting the market, leading to a concentration of production capacity among a few key players [14][15]. Future Outlook - The market is expected to maintain a tight supply-demand balance, with prices likely to remain elevated in the near term due to low inventory levels and ongoing demand [15]. - However, there are concerns about potential price corrections in 2026 and beyond as new production capacities come online [15]. Strategic Moves - Major battery manufacturers are engaging in "stockpiling" behavior, signing large supply agreements for lithium hexafluorophosphate to secure their supply amid rising prices [16]. - Companies like Tianji Materials have secured significant contracts for future deliveries, indicating strong anticipated demand [16][17]. Technological Considerations - Lithium hexafluorophosphate is also seen as a critical material in the transition to solid-state battery technologies, which are expected to become commercially viable after 2030 [18].