[SMM Weekly Review] Hydrometallurgical Recycling Market This Week: Black Mass Payables for Pure Cobalt and Ternary Fell Steadily, LFP Prices Fluctuated, 2026.9.14-2026.9.17

Published: Sep 17, 2026 17:41

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Raw material side, spot lithium carbonate prices accelerated downward after falling below the 140,000 yuan/mt mark this week, nickel sulphate prices continued to edge lower, and cobalt sulphate prices extended their decline.

SMM, September 17:

Raw material side, this week, lithium carbonate prices accelerated downward after breaking below the 140,000 yuan/mt mark, nickel sulphate prices remained weak and edged lower, and cobalt sulphate prices continued their downward trend. Today, by ternary, LCO, and LFP material types, LFP hydrometallurgy side: Taking LFP electrode black mass as an example, current LFP electrode black mass prices are 6,050-6,500 yuan per % lithium, down another 300 yuan per % lithium WoW, following the lithium carbonate pullback—this week, lithium prices once dipped to a low of 128,000 yuan/mt, rebounded slightly today, black mass inquiry activity remained low, and the market was mainly wait-and-see. Currently, LFP battery black mass prices are 5,250-5,700 yuan per % lithium, with the price spread against electrode black mass maintained at a high of around 800 yuan per % lithium. Ternary and LCO side, ternary electrode black mass nickel and cobalt payables are around 74-75.5%, down another 0.5 percentage point WoW, some 8-series, 9-series and other high-nickel ternary electrode black mass deals are still at around 76-77%, but room for price negotiation has widened; LCO electrode black mass cobalt and lithium payables are 70-73%, LCO battery black mass cobalt and lithium payables are 67-70%, down about 2 percentage points cumulatively this week, current secondary cobalt sulphate prices fell another about 3,000 yuan/mt this week, downstream LCO hydrometallurgy enterprises remain very cautious in purchasing, market transactions are sluggish, and current prices have been persistently 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

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