【SMM Analysis】 Weekly China Li-ion Battery Recycling Update (Sep 7–11, 2026)

SMM Sep 30 News:

On the raw materials side, lithium carbonate prices consolidated at the lower end of their range this week, with the low repeatedly finding support near RMB 140,000 per ton and the high stepping down day by day from the start-of-week level of RMB 155,000 per ton. Nickel sulfate prices traded in a narrow range, while cobalt sulfate broke the stabilization seen last week, resuming its downtrend with a widening decline.

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 6,350–6,700 per lithium-point, down another RMB 75 per lithium-point from Monday, continuing the gradual decline that tracks lithium carbonate. Downstream purchases remain driven primarily by rigid demand. LFP battery-cell black mass, meanwhile, is currently quoted at RMB 5,500–6,050 per lithium-point, with the 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 is 74–76.5%, holding steady this week. Trades for some high-nickel grades such as 8- and 9-series NCM electrode-sheet black mass still settle near 77%. The cobalt-lithium coefficient for lithium cobalt oxide electrode-sheet powder is 72–74.5%. With recycled cobalt sulfate prices having cumulatively dropped around RMB 4,000 per ton this week and the decline re-accelerating, downstream LCO hydrometallurgical buyers are becoming increasingly cautious, leaving market transactions thin and watch-and-wait sentiment on the rise.