【SMM Analysis】A Review of Scrap Spot Price Trends This Week (April 28, 2025 - April 30, 2025)

Lithium Salts: Lithium salt prices saw gradual declines this week, while nickel and cobalt salt prices remained stable. Ternary and lithium cobalt oxide black powder coefficients began to dip slightly. Taking ternary black powder as an example: the current coefficient for ternary cathode black powder stands at 75-77%, and ternary battery black powder at 72-74%.

Supply Side: Crushing plants and traders lowered their target selling prices in line with falling salt prices. However, some crushing plants chose to withhold inventory due to current profits remaining below breakeven levels, opting to wait for market improvements. Overall transactions in April were weaker compared to March.

Demand Side: Most hydrometallurgical plants limited black powder purchases to essential needs amid continuous declines in nickel, cobalt, and lithium salt prices. With persistent market pessimism over future lithium salt prices, these plants maintained only about one month’s safety stock of raw materials.

Cost Side: Except for top-tier integrated hydrometallurgical plants, most hydrometallurgical operations remained unprofitable. Crushing plants fared slightly better, but profits were still under pressure due to recent declines in electrolytic copper prices, leading to sustained losses in this segment.