[SMM Analysis] Hydrometallurgy Recycling Market This Week: Market Trading Was Sluggish, Enterprises Completed Stockpiling and Began Holidays (2026.2.9–2026.2.12)

SMM February 12 News:

Raw material side, lithium carbonate prices started to rise continuously this week, while cobalt sulphate and nickel sulphate prices remained stable.

This week, by material type—ternary, LCO, and LFP—LFP hydrometallurgical side: taking LFP pole piece black mass as an example, current LFP pole piece black mass prices were 5,750–6,000 yuan/mtu, with the price center down WoW. As mid-February arrived, although lithium chemical prices began to rebound after market sentiment recovered, because most LFP recycling enterprises had completed stockpiling by early February and late January and entered the Chinese New Year holiday period, market transactions were very sluggish, with only some traders inquiring about prices. Ternary and LCO side, ternary pole piece black mass nickel and cobalt payables were around 78–80%, lithium payables were 76–78%, most ternary upstream and downstream recycling enterprises had also finished stockpiling, market transactions were sluggish, and prices were flat WoW.

SMM New Energy Research Team

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lyu Yanlin 021-20707875

Zhou Zhicheng 021-51666711