1、 Price trend

According to the data monitoring of the business community, the domestic NMP market fell in a ladder manner in November, and the prices in some regions had fallen to near the cost line by the end of the month. The average price of electronic NMP at the beginning of the month was 28000 yuan/ton, and the average price at the end of the month was 22333 yuan/ton, with a decline of 20.24%.

2、 Analysis and review

As of November 25, the mainstream prices of NMP apron in different regions in China are as follows:

Region/October 27

East China./20000-21000 yuan/ton

Central China/19500-20000 yuan/ton

Southwest China/19000-20000 yuan/ton

In November, the domestic NMP market turned sharply downward, and its performance fell continuously throughout the month, mainly due to the impact of cost and demand. On the cost side: In November, the BDO market fell sharply unilaterally, by 31.27%. The contradiction between supply and demand is growing. Most manufacturers do not publish bidding prices. The market guidance price is reduced by about 500 yuan/ton every week, and the price is continuously lowered. The external guidance price of individual enterprises has dropped to 9500 yuan/ton, maintaining a small number of contract users. At present, the BDO price has fallen below the cost line. It is expected that the BDO industry will actively limit and reduce production in the future.

Demand side: Affected by the cost of raw materials, there is a strong wait-and-see atmosphere in the NMP market, and the willingness to purchase downstream is not strong. At the same time, domestic public health and security incidents have escalated, and transportation in some regions is not smooth. The raw materials of some main materials of superimposed lithium batteries have risen sharply, while the production and sales of some lithium battery manufacturers have declined. According to statistics, since 2021, the sales of new energy vehicles have risen sharply, resulting in the demand for lithium salt exceeding expectations, and the price of lithium carbonate, the main raw material of lithium ion batteries, has risen sharply. According to the data released on November 23 by the business community, the average spot price of battery grade lithium carbonate was close to 590000 yuan/ton. At the beginning of January last year, the price of the raw material was about 50000 yuan/ton, up nearly 12 times. Under the pressure of cost, lithium battery enterprises are not willing to purchase, and the demand for NMP is further suppressed.

3、 Future market forecast

NMP analysts of the business agency believe that the downstream wait-and-see atmosphere is strong, and the purchase intention is not strong. At the same time, the price of raw material BDO is likely to continue to fall back. It is expected that the NMP market will continue to decline to the bottom in the near future, and the NMP market will decline to the near cost line for consolidation.