According to SMM research, in October 2023, China recycled 46,300 mt of waste lithium batteries, including batteries, pole piece, and black mass, up 7% MoM. By battery type, China recycled 15,810 mt of waste ternary batteries (34% of total), 29,980 mt of waste LFP batteries (65%), and 510 mt of waste LCO batteries (1%).
According to SMM research, recycling companies are cautious about their purchasing plans in November and December, but there is also the possibility of appropriate replenishment in order to prepare raw material inventories for year-end. As the end of the year approaches, it is reasonable for major recycling companies, especially those in the process of going public, to make an all-out effort to boost their annual revenues. Considering the above factors, 42,340 mt of waste batteries are expected to be recycled in November, including 14,680 mt of waste ternary battery, 27,260 mt of waste LFP battery, and 400 mt of waste LCO battery. The total recycling volume will decrease by 8% month-on-month.