[SMM Analysis] Hydrometallurgy Recycling Market This Week: LFP Black Mass Prices Continued to Decline, Pure Cobalt Black Mass Payables Remained Temporarily Stable, 2026.5.25-2026.5.28

SMM May 28 update:

Raw material side, spot lithium carbonate prices fluctuated and edged down this week, nickel salt prices pulled back somewhat, and cobalt salt prices continued to decline. This week, by material type across ternary, LCO, and LFP categories, LFP hydrometallurgical side: taking LFP electrode black mass as an example, current LFP electrode black mass prices were 7,550-7,900 yuan/mtu, with transaction prices down significantly WoW from Tuesday.

Although lithium carbonate futures and spot prices both pulled back on Monday morning, the overall weekly transaction price center for lithium carbonate continued to shift downward. Moreover, from Monday afternoon through Thursday, futures prices also began to decline, further driving LFP black mass prices down continuously. As some LFP recycling enterprises became increasingly tied to futures prices, market reactions also became more sensitive. Ternary and LCO side: ternary black mass nickel-cobalt-lithium payables edged down slightly, with ternary electrode black mass nickel-cobalt-lithium payables all around 78-80%. From this week through the month, spot order transactions gradually emerged in the market, with downstream buyers purchasing basically on demand. Pure cobalt and high-cobalt scrap cobalt-lithium payables remained basically stable. Although cobalt and lithium prices continued to decline, most enterprises had been consuming their high-level inventory after successively halting procurement due to high inventory in early April. By late May, some enterprises began restocking out of rigid demand. Additionally, pure cobalt and high-cobalt black mass supply remained tight, so prices held temporarily stable despite weak salt prices.

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