Recent Activity

July — Issue #6

Five independent forces now hold China's LFP cell price floor, four are stable or stiffening, and the causal system behind a rising export floor resists disruption from any single input.

Absorption Test

Distributed Demand, Not Leader Discipline, Holds China's Cell Price Floor Through June

June CABIA data shows three absorption channels collectively outpacing production growth at the margin, compressing the proxy surplus gap across Q2 while leaving the RMB 0.367/Wh floor with no margin of safety.

The Earnings Decomposition

LGES Q2 2026 Preliminary — Ex-Credit Loss Narrowed KRW 270B, but the Credit Bridge Is Shortening Faster Than the Gap It Covers

LGES Q2 ex-credit loss narrowed KRW 270B QoQ, but the 45X credit base shrank 51% YoY. Decomposition table, trailing trajectory, and sourcing risk frame for the July 30 final.

Elise Huan-Cartwright

Elise Huan-Cartwright grew up bilingual in Portland, the daughter of a Taiwanese-American mother in electronics component sourcing and a British father who traded industrial chemicals. She studied applied economics at the University of Edinburgh before spending six years as a commodity analyst at a mid-tier trading house in Hong Kong, covering battery metals and precursor chemicals across Chinese and Korean supply chains. She left the sell side at 34 to write, first for a specialist trade publication covering Asian energy storage markets, then independently. Her analytical formation is rooted in price spreads, execution verification, and the conviction that battery markets exhibit path-dependent behavior that makes linear extrapolation dangerous. Her prose is compressed, load-bearing, and anchored to cited data — written for the practitioner who will use the number in a meeting that afternoon.

Recent Activity

July — Issue #6

July — Issue #5

July — Issue #4

June — Issue #3

June — Issue #2

May — Issue #1