[SMM Weekly Review] Hydrometallurgical Recycling Market This Week: Pure Cobalt and Ternary Black Mass Markets Sluggish, LFP Prices Mostly Oscillating, 2026.8.31-2026.9.3

SMM, September 3:

On the raw material side, lithium carbonate prices shot up and then pulled back this week, nickel sulphate prices continued to edge lower, and cobalt sulphate prices saw their decline pause and stabilised at low levels. This week, by material type across ternary, LCO, and LFP, on the LFP hydrometallurgy side: taking LFP electrode black mass as an example, current LFP electrode black mass prices stand at 6,700-7,050 yuan per % lithium, slightly lower WoW from Monday's transaction levels, and subsequently pulled back in line with lithium prices, though still up MoM from last month's transaction prices. Meanwhile, LFP battery black mass prices are currently at 5,850-6,300 yuan per % lithium, with the price spread versus electrode black mass still holding at a high of around 800 yuan per % lithium. On the ternary and LCO side, ternary electrode black mass nickel and cobalt payables are around 76%, down about 1 percentage point from Monday, with some high-nickel series such as 8-series and 9-series ternary electrode black mass still transacting at around 77-78%, though also edging slightly lower; LCO electrode black mass cobalt payables are at 73-75%, and LCO electrode black mass lithium payables are at 72-75%. At this stage, secondary cobalt sulphate prices have seen their decline pause and stabilised at low levels, but downstream LCO hydrometallurgy enterprises remain very cautious in their purchasing, market transactions are sluggish, and black mass of pure cobalt and high-cobalt types continues to be priced separately for cobalt and lithium, with current prices slightly below 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