From Surplus to Shortage: What's Behind VC Prices Surging 400% in a Year?

Within just a few months, the price of electrolyte additive VC has risen from approximately 140,000 yuan per ton to over 200,000 yuan, with the latest quotes approaching 230,000 yuan—an increase that has clearly exceeded expectations set at the start of the year. On the surface, this is a market driven by peak-season production scheduling, supply disruptions, and slower-than-expected capacity expansion; at a deeper level, it stems from a rising share of energy storage, new national standards raising per-unit VC consumption, and new process ramp-ups slowing the release of effective supply. When nominal capacity growth outpaces actual output formation, could the VC cycle prove longer than the market anticipates?