[SMM Analysis] August Lithium Battery Recycling Sector Ternary Hydrometallurgy Was Overall Dominated by Production Cuts, Market Transactions Were Sluggish

SMM News on August 31:

Raw material side, lithium carbonate and fluctuated this week, while fell steadily. This week, by ternary, and LFP material types, LFP hydrometallurgy side: taking LFP electrode black mass as an example, at this stage, LFP electrode black mass was priced at 6,700-7,100 yuan per % lithium, basically flat WoW versus transactions on Monday last week, while the MoM transaction price rose. Meanwhile, LFP battery black mass was priced at 5,850-6,350 yuan per % lithium, and the price spread versus electrode black mass continued to widen. Ternary and LCO side, ternary electrode black mass nickel and cobalt payables were around 75.5-77%; transactions for some high-nickel series such as 8-series and 9-series ternary electrode black mass remained around 78%, but all showed a slight decline; were 73-75%, and were 72-75%. At this stage, as secondary cobalt sulphate prices continued to edge down, downstream LCO hydrometallurgy enterprises were very cautious in purchasing, market transactions were sluggish, and for black mass such as pure-cobalt and high-cobalt types, payables continued to be priced separately for cobalt and lithium; at this stage, prices were slightly lower than on the ternary side.

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