[SMM Analysis] Review of This Week's Scrap Spot Price Trends, 2025.2.24-2.28

SMM, February 28:

Wet Recycling Weekly Update:

Supply Side: This week, with the continuous rise in nickel salt and cobalt salt prices, the prices of ternary and LCO black mass also continued to increase, prompting powdering plants and traders to further raise their psychological price levels. However, the coefficients of ternary and LCO black mass showed relatively small changes WoW. Taking ternary pole piece black mass as an example, most enterprises still maintain a certain level of safety inventory, and due to the long-term cost-price inversion in production, enterprises have shown a cautious attitude toward accepting high-priced black mass, resulting in mediocre market transactions. Demand Side: The recent price increases in cobalt salt and nickel salt have partially offset the costs of wet recycling plants for ternary and pure cobalt scrap. However, the wet recycling costs remain below the profitability line.

SMM New Energy Research Team

Cong Wang 021-51666838

Rui Ma 021-51595780

Disheng Feng 021-51666714

Ying Xu 021-51666707

Yanlin Lü 021-20707875

Yujun Liu 021-20707895

Xiaodan Yu 021-20707870

Zhicheng Zhou 021-51666711

He Zhang 021-20707850