[SMM Weekly Review] This Week’s Hydrometallurgy Recycling Market: Lithium Carbonate Prices Fell Sharply, LFP Black Mass Prices Also Fell Steadily, Jun. 22-25, 2026

SMM, June 25 –

Raw material side, prices of lithium carbonate, nickel sulphate, and cobalt sulphate fell steadily this week. Breaking down by ternary LCO and LFP material types, on the LFP hydrometallurgical side: taking LFP electrode black mass as an example, the current price of LFP electrode black mass is 6,800-7,100 yuan/mtu, with prices continuing to decline WoW from last Thursday's transactions. The main reason: from last Thursday to this Monday, lithium carbonate futures and spot prices were influenced by capital flows and news, falling steadily, which further drove the sustained drop in LFP black mass prices. Additionally, since it was not a just-in-time procurement period, upstream grinding enterprises were still holding back from selling, while downstream hydrometallurgical enterprises were more inclined to buy the dip. On the ternary and LCO side, nickel, cobalt, and lithium payables coefficients for ternary black mass also fell steadily with salt prices. This week, the nickel, cobalt, and lithium payables coefficient prices for ternary electrode black mass were 77%-79%. Downstream hydrometallurgical enterprises, due to holding some inventory, also significantly lowered their purchase prices, but market trading was sluggish, with everyone making just-in-time procurement.

SMM New Energy Research Team

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lü Yanlin 021-20707875