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中国电池材料 - 与中国电池专家电话会议要点-China_Battery_Materials_Takeaways_from_China_Battery_Expert_Call_with_ZE-
2025-09-11 12:11
Summary of China Battery Materials Conference Call Industry Overview - The conference call focused on the **China battery materials market**, particularly the **Energy Storage System (ESS)** and **Electric Vehicle (EV)** battery segments [2][3]. Key Takeaways Battery Prices - **ESS Battery Price Increase**: In Q3 2025, the price of ESS batteries rose due to strong demand and previously low prices after years of surplus supply and competition. Current prices are above **Rmb0.30/wh**, compared to a previous low of **Rmb0.24-0.25/wh** [2]. - **EV Battery Price**: The price of EV batteries remains higher than that of ESS batteries, with no notable increase yet. However, an increase is expected if supply remains tight [2]. Production and Demand - **Utilization Rates**: Current utilization rates for China battery producers are nearly **80%**, with strong year-over-year growth anticipated in battery production targets for 2026 [2]. - **ESS Battery Output**: Global ESS battery output is projected to reach approximately **600 GWh** in 2025, representing a **66% year-over-year increase**. The strong demand is attributed to attractive Internal Rate of Return (IRR) of **11-15%** for ESS projects in China [3]. Battery Materials - **Utilization Ratio**: The utilization ratio for battery materials is around **70%** in 2025, which is a **10% increase year-over-year**. This ratio is expected to rise by an additional **7-8%** in 2026 due to strong battery output [4]. - **Price Stability**: There has not been a significant price increase for battery materials yet [4]. Specific Material Insights - **LFP Cathode Supply**: The supply of 4th generation Lithium Iron Phosphate (LFP) cathodes is expected to remain tight due to limited suppliers and technological barriers. Demand for these high-end products is increasing as battery producers shift focus [5]. - **Lithium Production**: CATL's lithium lepidolite mine, currently suspended, is expected to resume production after the renewal of mining licenses, which may take **5-6 months** [5]. Additional Insights - The demand for ESS batteries is expected to remain strong into 2026, with visibility on demand growth becoming clearer by November 2025 [3]. - The overall sentiment in the battery materials market indicates a positive outlook, driven by increasing demand and production capabilities [2][3][4].