[SMM Analysis] Hydrometallurgical Recycling Market This Week: No Stockpiling Plans Before the Holiday, Sluggish Market Transactions, 2026.9.28-2026.9.30

SMM, September 30:

Raw material side, lithium carbonate prices accelerated their decline this week, with the 130,000 yuan/mt and 125,000 yuan/mt levels falling in quick succession. After pre-holiday stockpiling ended, the drop in futures dragged spot prices lower, with quotes at 119,000-127,000 yuan/mt today, a new low since this round of correction began. Nickel sulphate prices broke below the 30,000 yuan/mt mark, and cobalt sulphate prices extended their downtrend. Today, by ternary, LCO, and LFP material types, LFP hydrometallurgy side: taking LFP electrode black mass as an example, LFP electrode black mass prices currently stand at 5,750-6,200 yuan per % lithium, down sharply by 275 yuan per % lithium WoW. With lithium prices repeatedly hitting new lows, holders' willingness to sell has clearly loosened and hold-back sentiment has collapsed, but downstream pre-holiday stockpiling is largely complete and purchase willingness is weakening, leaving market trading sluggish. LFP battery black mass prices are currently at 4,950-5,400 yuan per % lithium, with the price spread versus electrode black mass holding at a high of around 800 yuan per % lithium. Ternary and LCO side, ternary electrode black mass nickel and cobalt payables stand at around 72.5-74%, down another 1 percentage point MoM. Some high-nickel ternary electrode black mass, such as 8-series and 9-series material, still traded at around 76-77%, but room for price negotiation has widened further. LCO electrode black mass cobalt and lithium payables are at 69.5-71.5%, and LCO battery black mass cobalt and lithium payables are at 66-69%. Secondary cobalt sulphate prices fell by about another 2,000 yuan/mt this week, and downstream LCO hydrometallurgy enterprises remain very cautious in purchasing, with market transactions sluggish and prices continuing to stay 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