Core Viewpoint - Recent price increase demands from leading lithium iron phosphate (LFP) companies indicate a shift towards rational pricing in the industry, driven by rising raw material costs and supply-demand imbalances [2][4][5]. Price Adjustments - Leading LFP companies are implementing price increases, with one company announcing a processing fee hike of 3000 yuan/ton (excluding tax) starting January 1, 2026 [2]. - Another company raised its processing fee by the same amount effective November 1, 2025, while existing contracts will maintain original pricing [3]. Raw Material Influence - The price of lithium carbonate, a key raw material for LFP, is currently on the rise, impacting the sales prices of LFP products [3]. - The fluctuation in lithium carbonate prices directly affects the revenue of LFP companies, depending on their ability to pass costs onto downstream customers [3]. Supply-Demand Dynamics - The LFP market is experiencing a tightening supply situation, with effective production capacity utilization exceeding 95% due to surging demand from the electric vehicle and energy storage sectors [4][6]. - Despite high operational rates, there has been a significant supply shortage since September, compounded by an average industry debt ratio of 67% [4][7]. Industry Initiatives - The industry is responding to calls for "anti-involution" measures, aiming to establish a healthier pricing logic based on cost indices to curb destructive price competition [4][5]. - The China Chemical and Physical Power Industry Association has urged LFP companies to avoid pricing below cost to prevent harmful low-price competition [4]. Market Trends - The demand for LFP products is increasing, particularly in the energy storage and power markets, driven by policy support and new market scenarios [6]. - LFP batteries accounted for 81.5% of the power battery installation volume in the first three quarters of this year, reflecting a 62.7% year-on-year growth [6]. Production Capacity Insights - By 2024, domestic LFP production capacity is expected to approach 4.7 million tons, with an actual output of over 2.3 million tons, resulting in a capacity utilization rate of about 50% [7]. - The price of LFP materials has seen a dramatic decline from 173,000 yuan/ton at the end of 2022 to 34,000 yuan/ton by August 2025, marking an 80.2% drop [7]. Future Outlook - The LFP industry faces structural overcapacity, with a potential for accelerated elimination of low-end, outdated production capacities, leading to a competitive landscape favoring high-quality producers [8].
从“规模竞争”向“质量竞争”跨越 磷酸铁锂龙头企业纷纷提价