[SMM Analysis] This Week, Scrap Coefficient Fluctuated Slightly, and Black Mass Prices Generally Fluctuated Along with Salt Prices and Coefficient.

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This week, the recycled scrap market prices fluctuated. On the lithium iron phosphate side, as time moved into mid-to-late December, coupled with the continued losses between lithium chemical prices and black mass production costs, lithium iron phosphate prices dropped slightly. On the ternary side, nickel sulphate prices rose slightly this week, continuing last week's trend, while cobalt sulphate prices remained basically stable, and lithium carbonate prices dropped slightly. Supply side, salt plants continued to operate at a loss, with strong sentiment to stand firm on quotes. This week, the prices of ternary and pure cobalt scrap fluctuated with changes in nickel, cobalt, and lithium chemical prices, while ternary pole piece coefficients were around 75-77, up by approximately 0.5 WoW, and battery coefficients were around 70-74, remaining basically stable. Currently, as time moves into mid-December, most enterprises still maintain just-in-time procurement and production, with low willingness to accept high-priced black mass. In the short term, scrap prices are expected to fluctuate with nickel, cobalt, and lithium prices.

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