Western manufacturers face new hurdles as Beijing's new export licensing requirements for eight crucial EV battery technologies potentially disrupt global supply chains and slow the transition to clean energy.

To promote the recycling of renewable resources and standardize the import management of recycled black mass raw materials for lithium-ion batteries and recycled steel raw materials, on June 9, 2025, the Ministry of Ecology and Environment, jointly with the General Administration of Customs, the National Development and Reform Commission (NDRC), the Ministry of Industry and Information Technology, the Ministry of Commerce, and the State Administration for Market Regulation, issued the Announcement on Regulating the Import Management of Recycled Black Mass Raw Materials for Lithium-ion Batteries and Recycled Steel Raw Materials (Announcement No.14 of 2025), which will come into effect on August 1, 2025.

From an overall data analysis perspective, rigid demand in the energy storage sector provided stable support at the end of June. Both domestic and overseas demand received some support due to mid-year factors and various policies. The automotive sales boom driven by early June car shows gradually subsided. The market penetration rate of new energy vehicles remained stable, and current consumption momentum in the end market is insufficient. It is expected that there will be some incremental growth in end demand, but it will be relatively limited. In terms of market transactions, by the end of June, market activity remained subdued. Some echelon battery manufacturers basically avoided building significant inventory, maintaining a strategy of purchasing only for essential needs. Moving into July, after the mid-year period, demand in both the power and energy storage markets has the potential to decline further.

【SMM Analysis】Recycling Industry Events This Week (July. 7-11) This week's recycling industry events.

The progress of the recall incident this week is as follows:

The progress of the recall incident this week is as follows:

This week, prices for salt products such as cobalt sulfate and lithium carbonate saw slight increases, while nickel sulfate prices mainly fluctuated, experiencing a minor dip driven by declining nickel prices. The nickel and cobalt recovery rates for black mass like ternary and lithium cobalt oxide remained largely stable, while the lithium recovery rate saw a slight increase. The lithium point price for LFP black mass also continued to rise. Currently, the lithium point price for LFP cathode black mass is RMB 2,200-2,350 per lithium point, and for LFP battery black mass it is RMB 2,000-2,200 per lithium point, representing an increase of RMB 50 per lithium point compared to last week.

This week, salt products like cobalt sulfate and lithium carbonate continued to see price increases. Nickel sulfate prices mainly fluctuated, but due to insufficient demand support in the short term, prices trended upward. This week, coefficients for materials like ternary black mass and lithium cobalt oxide black mass saw slight increases.Currently, the lithium point price for lithium iron phosphate (LFP) cathode black mass is RMB 2,150-2,300 per lithium point, while for LFP battery black mass it is RMB 1,950-2,150 per lithium point.

Marex Financial Products has recently launched a structured "cash-and-carry" note linked to cobalt, marking a significant step forward in the financial innovation of commodity markets. This is not only Marex’s first structured yield product based on cobalt—a critical raw material—but also a testament to its integrated capabilities across physical asset acquisition, risk management, and financial product structuring.