【SMM Analysis】LFP Black Mass Prices Stable, Ternary & Cobalt-Bearing Coefficients Decline

SMM August 31 News:

On the raw material side, lithium carbonate and nickel sulfate prices fluctuated this week, while cobalt sulfate prices continued to decline. 

By material type — ternary/LCO versus LFP — on the LFP hydromet side, taking LFP electrode black mass as an example, current prices stand at RMB 6,700–7,100/lithium point, broadly flat compared with last Monday's transactions but up from deals a month earlier. LFP battery black mass is currently assessed at RMB 5,850–6,350/lithium point, with the price spread against electrode black mass gradually widening. On the ternary and LCO side, the Ni-Co coefficient for ternary electrode powder stands at around 75.5–77%, and some high-nickel series (NCM 8-series and 9-series) ternary electrode black mass is still transacting around 78%, though both have edged slightly lower. The cobalt coefficient for LCO electrode powder is 73–75%, and the lithium coefficient 72–75%. With recycled cobalt sulfate prices continuing to soften, downstream LCO hydromet plants are purchasing very cautiously, and market transactions remain thin. In addition, coefficients for pure-cobalt and high-cobalt black mass continue to be quoted with cobalt and lithium priced separately, and currently trade slightly below ternary levels.