[SMM Analysis] Hydrometallurgy Recycling Market This Week: LFP Black Mass Prices Continued to Rise, Ternary Black Mass Payables Remained Stable, 2026.4.20-2026.4.23

SMM April 23 update:

Raw material side, lithium carbonate held up well this week due to supply disruptions from Zimbabwe's latest policy and mine permit renewals in Jiangxi. Nickel salt prices fluctuated, while the cobalt salt market saw mediocre performance with prices edging down. This week, by material type across ternary, LCO, and LFP categories: LFP hydrometallurgy side, taking LFP pole piece black mass as an example, current LFP pole piece black mass prices stood at 7,250-7,600 yuan/mtu, up 325 yuan/mtu WoW from Thursday's transactions. As lithium carbonate futures and spot prices continued to rise this week, LFP black mass prices also kept climbing. Moreover, as some LFP recycling enterprises increasingly tied their pricing to futures prices, the price lag diminished and market reactions became relatively more responsive.

Ternary and LCO side, ternary prices remained stable for now, as it was not a just-in-time procurement period, and although lithium chemical prices rose, nickel salt and cobalt salt prices showed mediocre performance. Pure cobalt and high-cobalt scrap coefficients began to edge down, mainly because: 1. Cobalt prices had been in the doldrums recently. Previously, pure cobalt enterprises raised market prices for pure cobalt and high-cobalt black mass due to high cobalt-segment profits, but prices slipped as market participants turned bearish on the forward outlook. 2. Refined cobalt prices and cobalt sulphate prices began to invert, making the economics of smelting refined cobalt back into cobalt sulphate more favorable than using recycled materials. Top-tier enterprises suspended purchases due to still-elevated inventory levels combined with economic viability concerns, causing market prices to decline. Meanwhile, previously scarce supplies began to loosen as purchasing was halted, leading to a further slight price decline.

SMM New Energy Research Team

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lv Yanlin 021-20707875

Zhou Zhicheng 021-51666711