This week, prices for salt products including cobalt sulfate and nickel sulfate continued to rise, while lithium carbonate prices also increased due to solid demand and other fundamental factors. The upward movement in cobalt salts led to slight increases in the black mass coefficients for both ternary and lithium cobalt oxide (LCO) materials. However, as the pace of cobalt price increases moderated, the rate of growth for discount coefficients of cobalt and lithium also slowed.

This week, the prices of salt products such as cobalt sulfate and nickel sulfate remained stable, while the price of lithium carbonate also began to rise steadily due to solid demand and other fundamental factors. With the increase in lithium salts, the lithium coefficients for ternary and lithium cobalt oxide (LCO) black mass have seen slight increases, though the discount coefficients for nickel and cobalt remained stable for now. Meanwhile, the lithium point price for LFP black mass rose this week in line with the increase in lithium salt prices. Taking LFP electrode black mass as an example, the current price is 2,900–3,100 CNY per lithium point, up by 150 CNY per lithium point compared to the previous period.

In September 2025, China's total lithium carbonate imports amounted to approximately 19,597 mt, down 10% MoM and up 20% YoY. The average import price was about $8,625/mt, up 0.8% MoM from the August average.

Recycling Industry Events This Week (October. 27-31)

In September 2025, China's total lithium carbonate imports amounted to approximately 19,597 mt, down 10% MoM and up 20% YoY. The average import price was about $8,625/mt, up 0.8% MoM from the August average.

In September 2025, China's total lithium carbonate imports amounted to approximately 19,597 mt, down 10% MoM and up 20% YoY. The average import price was about $8,625/mt, up 0.8% MoM from the August average.

In October 2025, China's total monthly lithium carbonate production continued its growth trend, increasing 6% MoM and 55% YoY. The new energy EV and ESS markets performed better than expected, stimulating demand and encouraging active production among domestic lithium carbonate smelters, with overall operating rates remaining high.

China's Lithium Hydroxide Production Sees 6% Monthly Increase in October, Slight Gain Forecast for November

In October 2025, the phosphorus chemical industry operated against a backdrop of subdued traditional agricultural demand and robust new energy demand. The industry-wide production of phosphate ore (converted to P₂O₅ 30%) climbed to a record high of approximately 14 million mt, while the consumption index for the new energy sector rose to 6.2, with robust demand for products such as LFP being the primary driver.

[SMM Analysis] Since H2 2025, price trends in the recycling market have shown significant divergence. Cobalt sulphate prices rose rapidly from early September, with an overall increase of over 60%; meanwhile, LFP-based black mass prices moved sideways between June and October, with limited fluctuations. The underlying trend changes reflect that the recycling sector in H2 was increasingly influenced by material structure and divergent downstream demand.