铁锂“七雄”谋涨价，聚首工信部抗议电芯“霸权”

Core Insights - The lithium iron phosphate (LFP) industry is facing a critical dilemma with a surge in demand for electric vehicles and energy storage, contrasted by over three years of continuous losses among material companies [2][3] - LFP materials account for nearly 74% of the cathode material shipments, with a 99.9% share in the energy storage sector, making it a crucial material in China's lithium battery landscape [2] - The price of LFP materials has plummeted from 173,000 yuan/ton at the end of 2022 to 34,000 yuan/ton by August 2025, representing a decline of over 80% [2] - The average debt ratio of six listed companies in the sector stands at 67.8%, indicating significant financial strain [2] Industry Challenges - The current cost of LFP production has reached 15,600 yuan/ton, while market prices hover around 14,000 yuan/ton, leading to losses of nearly 10% per ton [2] - Rising costs of upstream raw materials like ferrous sulfate and sulfur are exacerbating the situation, while downstream battery manufacturers are pressuring material suppliers to keep prices low [8][9] - The industry is experiencing a capacity utilization rate of less than 50%, with actual production at around 230,000 tons against a capacity nearing 470,000 tons [8] Demand Growth - The demand for LFP is expected to grow significantly, with projections of approximately 370 million tons in 2023 and an increase to between 510 million and 530 million tons in 2024 [5] - The penetration rate of electric vehicles in the domestic market has surpassed 45%, and stringent safety standards for battery performance are expected to further boost LFP demand [4] - The energy storage sector is anticipated to see a 60% year-on-year increase in installed capacity by 2025, with global demand for energy storage batteries projected to rise by 30% in 2026 [4] Competitive Landscape - Chinese LFP products maintain a dominant position globally due to advantages in technology, cost, and supply chain, despite attempts by other countries to reduce reliance on Chinese products [6] - In the first nine months of 2025, China's lithium-ion battery exports reached $55.38 billion, a year-on-year increase of 26.75%, with Europe, Asia, and North America accounting for 90% of exports [6] - New entrants from traditional industries are increasing competition, with some companies planning larger production capacities and benefiting from better financing options [9] Technological Advancements - Ongoing advancements in LFP technology, including high-density and cobalt-free variants, are expected to enhance market offerings, with a shift from fourth-generation to fifth-generation products underway [7] - The industry is also focusing on improving production efficiency and reducing costs through technological innovations [7] Strategic Responses - The establishment of the LFP Materials Subcommittee aims to address industry challenges by auditing costs and providing transparent pricing data to help companies set reasonable prices [11] - There is a consensus among industry players that collective price increases are necessary to counteract losses and improve financial health [12][13] - Companies are beginning to control production capacity to stabilize prices, with some already implementing self-restraint in output [12]