[SMM Analysis] This week's hydrometallurgy recycling market: Post-holiday market performance was sluggish, with most enterprises adopting a wait-and-see approach after resuming operations (2026.2.23-2.26)

SMM February 26 news:

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

This week, by ternary and LFP material types, LFP hydrometallurgy side: taking LFP pole piece black mass as an example, current LFP pole piece black mass prices are 6,150-6,650 yuan/mtu, with the price center continuing to rise MoM from pre-holiday. As time enters post-Chinese New Year, lithium carbonate futures and spot prices keep rising, some upstream LFP recycling enterprises have started to offer high prices with certain volume transactions; most downstream hydrometallurgy recycling enterprises are still watching, but overall sentiment is clearly shifting upward, and they indicate just-in-time procurement plans for early March, i.e., next week. Ternary and LCO side, ternary pole piece black mass nickel and cobalt payables are around 78%-80%, lithium payables 77%-78%, as nickel and cobalt price changes are relatively small, ternary side enterprises are heavily watchful, but currently some upstream recycling enterprises have offered high prices for sale, market sentiment has shifted upward somewhat, range prices are temporarily stable.

SMM New Energy Research Team

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lu Yanlin 021-20707875

Zhou Zhicheng 021-51666711