This week, the prices of salt products such as cobalt sulphate and nickel sulphate continued to rise. As a result, the nickel and cobalt payable indicators for ternary and LCO black mass remained basically flat, and the lithium payable indicator also stayed flat. The prices per % lithium for LFP black mass remained stable this week; for example, the current price of LFP pole piece black mass is 2650-28000 yuan/mtu. For ternary black mass: the current nickel and cobalt payable indicator for ternary pole piece black mass is 73.5-75.5%, up 0.5% WoW, while the lithium payable indicator is 69-72%, also up about 1% WoW. The main reason on the profit side is that purchasing LFP black mass externally to produce lithium carbonate continues to incur losses, with a profit margin of -5% to 6%. Apart from a few new LFP hydrometallurgy recycling plants that started production this year, most LFP recycling enterprises have production lines capable of producing lithium carbonate from other raw materials. Therefore, even if the price of lithium carbonate improves, most enterprises choose to stop purchasing and halt production when facing losses. The situation in the ternary hydrometallurgy sector is similar, with profits hovering around 1-3%, while the LCO hydrometallurgy sector performs slightly better, with profits around 3%. On the supply side, after the increase in nickel, cobalt, and lithium prices, upstream recycling enterprises quickly raised the prices of LCO batteries, LFP batteries, and pole pieces, and black mass prices also increased to some extent. However, on the demand side, due to the recent increase in lithium carbonate prices being linked to factors such as Sino-US trade and coking coal, most enterprises are still observing the market under the condition of losses, and most LFP hydrometallurgy plants maintain B-end toll processing.

Market feedback this week indicated that spot lithium carbonate prices remained stable. However, due to previous price fluctuations, recycling enterprises generally adopted a cautious stance toward lithium chemicals prices. Subsequently, the DRC adjusted its cobalt export policy, which directly drove cobalt prices higher and, in turn, led to an increase in the prices of used ternary and LFP battery cells. This upward sentiment further spread to the second-life battery market, exacerbating stockpiling behavior among suppliers. On the demand side, enterprises widely believed that current second-life prices had already approached their psychological upper limits. As sellers and buyers continued to engage in a standoff, prices in the second-life battery market temporarily held steady.

On September 16, the SMM Indonesia Battery Materials and Energy Storage Forum, hosted by SMM, concluded successfully at the YUAN GARDEN Hotel in Jakarta, Indonesia!

At the SMM Indonesia Seminar: Li-ion Battery & Energy Storage hosted by SMM, Lesley Yang, Senior Battery Materials Analyst at SMM, delivered an in-depth analysis of the development prospects of ternary cathode precursor materials and LFP cathode materials in Indonesia.

At the SMM Indonesia Seminar: Li-ion Battery & Energy Storage hosted by SMM, Katherina Dong, New Energy Business Director at SMM, shared insights on the topic of "Global Battery Energy Storage System Macro and Technology Iteration."

Enterprises continue to ramp up their lithium supplement additives business for batteries.

Malaysia is positioning itself as Southeast Asia’s next hub for EV battery recycling, with government policy, private investment, and global demand converging to drive growth. From early pilots to large-scale projects and new regulations, Malaysia’s black mass industry is moving rapidly toward commercialization, aiming to build capacity, strengthen ESG standards, and compete with China in the regional supply chain.

According to the latest statistics released by China's General Administration of Customs, in August 2025, China's shell-based carbon imports reached 11,092.3 mt, up 8% MoM from the previous month, but still down 1% YoY. More notably, the average import price of shell-based carbon surged to $755.37/mt in August, a significant increase of 16% MoM compared to $653.97/mt in July.

On the evening of September 21, 2025, the DRC announced an extension of its export ban, originally set to expire on September 21, until October 15, and also declared that a quota policy would be implemented starting October 16. This article will analyze the actual impact of this policy in light of the current market conditions in China's cobalt industry.