L R AS Published on Monday 27 November 2023 - n° 467 - Categories:storage area
Average price of storage batteries fell in October
The average price of LFP energy storage batteries fell to $0.5/Wh in October, a monthly drop of 3.3%. The electricity market is currently experiencing insufficient demand.
Battery manufacturers are less willing to replenish their stocks. They are focusing mainly on depleting their existing stock, TrendForce reports.
In October, the average price of electric batteries in China continued to fall. However, compared with price trends in August and September, the rate of decline in October was slightly lower. Specifically, the drop in electric vehicle (EV) batteries was around 2%, lithium-cobalt batteries for consumer electronics fell by 1.3% per month and energy storage batteries saw the most significant drop, falling by 3.3% per month.
The electricity and energy storage market is currently experiencing lacklustre demand, leading battery manufacturers to reduce their purchases of raw materials. The traditional high season is over. It seems unlikely that demand will pick up significantly before the end of the year.
October was marked by a significant drop in orders in the energy storage market. Inventories of energy storage batteries remain high, and companies in the intermediate and upstream industrial chain will face greater difficulties in reducing their stocks as a result of reduced customer demand. As a result, energy storage prices are expected to fall further in November.
Chinese exports of lithium-ion batteries are expected to perform well in 2024. However, due to the continued expansion of the Chinese lithium battery industry's production capacity in 2023, there will be an oversupply of lithium batteries that will continue until 2024. As a result, the price of Chinese electric batteries is expected to continue its gradual decline in 2024.
https://www.energytrend.com/research/20231106-38485.html
EnergyTrend of 13 November 2023
