Second-life application market stable, lithium carbonate rises then falls, LFP demand outperforms ternary [SMM weekly review]

Published: Sep 3, 2026 16:51

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The second-life application market was largely stable this week, with no notable price fluctuations. Cost side, lithium carbonate rose early in the week and pulled back mid-week, cobalt sulphate held steady, and nickel sulphate pulled back slightly. Although raw material prices fluctuated, the transmission to the second-life segment takes time, so the impact on second-life costs was limited. Supply side, the impact of policies is gradually being digested, merchant shipments have begun to return to normal, market supply has been released, and quotes remained largely stable overall. Demand side performance was divergent, with ternary demand relatively mediocre and limited transactions, while LFP demand was moderate, with better transactions than ternary. Overall, the market currently lacks clear drivers for price changes, with supply and demand broadly balanced. Second-life prices are expected to remain largely stable in the short term, while attention should be paid to lithium carbonate price trends and downstream demand changes.

SMM, September 3:

Second-life application this week:

The second-life application market was generally stable this week, with no notable price fluctuations. Cost side, lithium carbonate rose early in the week and pulled back mid-week, cobalt sulphate held steady, and nickel sulphate pulled back slightly. Although raw material prices fluctuated somewhat, the transmission to the second-life segment takes time, limiting the impact on second-life costs. Supply side, the effects of policy are gradually being digested, merchant shipments have begun to return to normal, market supply has been released, and quotes are largely stable overall. Demand side performance was mixed, with ternary demand being mediocre and transactions relatively sparse; LFP demand was moderate, with transactions better than ternary. Overall, the current market lacks clear drivers for price changes, supply and demand are broadly balanced, and second-life prices are expected to remain largely stable in the short term. Going forward, attention should be paid to lithium carbonate price trends and downstream demand changes.

SMM New Energy Research Team

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lyu Yanlin 021-20707875

Lei Yue 021-20707873

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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