EXECUTIVE SUMMARY

According to InfoLink, China’s energy storage cell and system prices remained stable during the week to 9 September despite declines in lithium raw-material prices. Battery-grade lithium carbonate averaged RMB 144,000/MT, down 5.3% week-on-week, while spodumene concentrate SC6 averaged USD 2,130/MT, down 2.7%.

Lithium carbonate prices retreated amid adjustments to inventory statistics, cooling futures-market sentiment and expectations of recovering supply as shipments from Zimbabwe gradually arrive. Some downstream restocking emerged at lower prices, although procurement remained largely need-based. InfoLink said the pullback reflected changing supply expectations and market sentiment more than a rapid deterioration in demand.

China’s LFP energy storage cell prices remained stable. The 100 Ah format averaged RMB 0.440/Wh, while 280 Ah and 314 Ah cells both averaged RMB 0.365/Wh. Earlier raw-material increases continued to provide lagged cost support, while steady storage order deliveries prevented cell prices from falling alongside lithium carbonate.

Utility-scale storage projects are entering a concentrated delivery period, supporting order visibility for mainstream cell formats. China’s consumption tax on lithium-ion batteries also entered implementation in September. Some manufacturers have sought to pass additional tax costs to customers through price-adjustment notices, supplemental agreements and terms for newly signed orders.

ESS transaction prices were also unchanged. DC-side liquid-cooled 2-hour systems averaged RMB 0.49/Wh. AC-side liquid-cooled systems averaged RMB 0.84/Wh for one hour, RMB 0.58/Wh for two hours and RMB 0.53/Wh for four hours.

InfoLink said the recent lithium price pullback has yet to noticeably affect ESS pricing because cell prices remain stable and system costs also include PCS, transformers, EMS, BMS, thermal management, fire protection, grid-connection commissioning, warranties and delivery responsibilities. With ESS prices already at low levels, integrators have limited room to further reduce equipment prices.

The market is also moving toward long-duration storage, hybrid technology configurations and broader engineering delivery capabilities. AI data centres are emerging as another potential energy storage application, with greater emphasis on reliable power supply, PCS/EMS coordination, reserve capacity, grid support and long-term operation and maintenance.