SMM Analysis: Scrap Spot Prices Remain Stable Amid Limited Supply and Sluggish Demand

[SMM Analysis: Review of This Week's Scrap Spot Price Trends, 2025.2.10-2025.2.13] This week, prices in the recycled scrap market remained basically stable.

Supply side: Some hydrometallurgical plants gradually resumed production this week, but many small and medium-sized crushing plants and traders are expected to extend the holiday until around the Lantern Festival. As a result, scrap circulation in the market was limited, and trading activity was sluggish.

Demand side: Prices of nickel sulphate and cobalt sulphate salts remained basically stable, while lithium carbonate prices dropped slightly. After the holiday, most crushing plants maintained a sentiment to stand firm on quotes. Some hydrometallurgical plants, due to depleted inventories, had to accept high-priced black mass in significant quantities, but the trading volume in this segment was relatively small. Most hydrometallurgical plants remained in a wait-and-see mode.

In the short term, black mass prices are expected to remain temporarily stable, following the price trends of nickel, cobalt, and lithium salts. Meanwhile, the black mass coefficient is likely to stay stable due to weak supply and demand.