【SMM Analysis】 Weekly China Li-ion Battery Recycling Update (Sep 14–18, 2026)

SMM Sep 30 News:

On the raw materials side, lithium carbonate prices continued to consolidate at the lower end of their range near RMB 130,000 per ton this week, edging slightly lower today. Nickel sulfate prices remained soft, hovering just above the RMB 30,000-per-ton threshold, while cobalt sulfate slipped a little further.

Looking at today's market by material category—ternary (NCM), lithium cobalt oxide, and LFP: on the LFP hydrometallurgical side, taking LFP electrode-sheet black mass as a benchmark, current prices stand at RMB 6,000–6,450 per lithium-point, down RMB 50 per lithium-point from Monday. Against the backdrop of a range-bound lithium market, black mass valuations continued to drift lower, with cargo holders showing somewhat greater willingness to release inventory. Downstream buyers, however, remain cautious, keeping overall market activity subdued. LFP battery-cell black mass, by contrast, is currently quoted at RMB 5,200–5,700 per lithium-point, with the price spread versus electrode-sheet black mass holding at a relatively wide RMB 800 per lithium-point.

On the NCM and lithium cobalt oxide side, the nickel-cobalt coefficient for NCM electrode-sheet powder sits at around 73.5–75%, down another 0.5 percentage point from the previous session. Trades for some high-nickel grades such as 8- and 9-series NCM electrode-sheet black mass still settle near 76%, but bargaining room continues to widen. The cobalt-lithium coefficient for lithium cobalt oxide electrode-sheet powder is 70–72%, and for lithium cobalt oxide battery-cell powder is 67–69%. With recycled cobalt sulfate prices edging lower again, downstream LCO hydrometallurgical buyers remain highly cautious, leaving market transactions thin and current pricing persistently below the NCM segment.