Raw Material Prices Collectively Weakened, Second-Life Application Market Remained Stable This Week [SMM Weekly Review]

Published: May 21, 2026 17:27

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This week, prices in the second-life application market remained largely stable overall, with relatively small fluctuations and a strong wait-and-see sentiment, resulting in a relatively subdued trading pace. Cost side, spot lithium carbonate prices continued to trend lower throughout the week, and although a slight rebound occurred during the period, it failed to reverse the downward trend, with overall prices maintaining a downward trajectory. Cobalt sulphate and nickel sulphate prices were simultaneously adjusted slightly downward, and the lithium battery raw materials market was in the doldrums overall. Supply side, major second-life enterprises maintained a stable shipment pace, with normal circulation of goods in the market, and no concentrated shipments or stockpiling by enterprises. The market currently lacks incremental supply, with raw material procurement and finished product shipments maintaining daily levels, and the overall supply landscape remained stable. Demand side, when lithium carbonate prices were previously at high levels, there was an intention in the market to raise battery cell prices, and downstream procurement enthusiasm increased somewhat. With prices of various lithium battery raw materials continuing to trend lower recently, cost support has weakened, and market expectations for price hike have completely dissipated. Downstream procurement attitudes have turned cautious, market willingness to adjust prices is sluggish, industry quotations generally remained stable, and significant market movements are unlikely in the short term.

SMM May 21 update:

Second-life application market update this week:

The second-life application market maintained stable prices overall this week, with relatively small price fluctuations. A strong wait-and-see sentiment prevailed, and the overall trading pace remained moderate. Cost side, spot lithium carbonate prices continued to decline overall this week. Despite a slight rebound during the period, it failed to reverse the downward trend, and overall prices remained on a downward trajectory. Cobalt sulphate and nickel sulphate prices also edged down in tandem, with the overall lithium battery raw material market in the doldrums. Supply side, major second-life application enterprises maintained a stable shipments pace, market supply circulation remained normal, and there was no concentrated shipments or stockpiling among enterprises. The market currently lacked incremental supply, with both raw material procurement and finished product shipments staying at routine levels, and the overall supply landscape remained stable. Demand side, when lithium carbonate prices were previously at elevated levels, there were intentions for battery cell price hikes in the market, and downstream procurement enthusiasm picked up. As prices of various lithium battery raw materials continued to decline recently, cost support weakened, and expectations for price hikes completely dissipated. Downstream procurement attitudes turned cautious, willingness to adjust prices in the market remained subdued, industry quotations generally stayed stable, and significant market movements were unlikely in the short term.

SMM New Energy Research Team

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lv Yanlin 021-20707875

Lei Yue 021-20707873

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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