DONGYUE GROUP (00189) surged more than 5%, reaching a 4.23% increase at the time of writing, trading at HK$10.84 with a turnover of HK$78.57 million.

Market data shows that, according to BaiChuan Info, the mainstream market price of PVDF rose from RMB 49,000 per ton in early November to RMB 52,000 per ton as of November 20.

Xinluo Consulting data indicates that, by November 20, the average market prices of PVDF for lithium iron phosphate/ternary/battery separator coating stood at RMB 60,000/119,500/182,000 per ton, up RMB 3,500/0/10,000 per ton from mid-year lows, signaling an initial upward trend in PVDF prices.

CICC released a research report stating that the lithium battery material supply chain shows a clear trend of concentration among leading players, with new effective capacity likely focused on expansions and technical upgrades by existing suppliers. Actual supply growth may fall significantly below expectations.

Assuming flat month-on-month production in November and December, CICC estimates China's lithium-grade PVDF demand in 2025 at approximately 78,700 tons, a 65.4% year-on-year increase. If battery demand maintains the same growth rate in 2026, lithium-grade PVDF demand could reach 110,000 tons.

Strong demand for lithium batteries is expected to persist, supporting further PVDF price increases.