Second-life application market continued to decline this week, raw material fluctuations failed to change the weak pattern [SMM weekly review]

Published: Nov 05, 2026 17:03 (GMT+8)

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This week, the overall price in the second-life battery market showed a downward trend, breaking the previously stable pattern. Overall market trading sentiment was subdued, and continued weakness on the cost side was the core driver of this round of price pullback. The cost side remained weak overall, with raw material trends still dominated by declines. This week, lithium carbonate prices saw a certain rebound at the start of the week but maintained a downward trend overall. Cobalt sulphate continued to grind lower, and the nickel sulphate market edged down. The three core raw materials all performed poorly overall, further weakening cost support for second-life products. On the supply side, there was no significant change, with the pace of circulation for various categories of goods remaining steady and the market supply state staying stable. On the demand side, there was no improvement yet. Hit by continued weakness on the cost side, previously stable prices began to pull back, with spot market quotes falling first. Meanwhile, the shift of some ternary battery cells to the powder-making process continued, further pressuring prices in the second-life battery market.

SMM, November 5:

Second-life application this week:

This week, prices in the second-life application market continued their downward trend, with trading activity remaining sluggish. On the cost side, raw materials overall showed a consolidating pattern after hitting bottom and rebounding slightly. Lithium carbonate prices drifted lower during the week before rebounding slightly, maintaining a sideways range overall; nickel sulphate extended its grind lower during the week before also rebounding slightly; cobalt sulphate prices were basically stable this week, weighed down by persistently low downstream demand. Overall cost support remained insufficient, supply-side circulation of goods stayed steady, demand showed no improvement yet, and second-life product prices continued to weaken.

In the short term, although raw material costs rebounded slightly, they have not yet formed a clear signal of stabilization. The weak demand pattern is difficult to reverse for now, and prices in the second-life application market still face downward pressure. Future trends will depend on the pace of raw material stabilization and the recovery of downstream demand.

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

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