【SMM Analysis】This week's black mass' price flucluate

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Recent Recycling Events Are as Follows:

Supply Side: This week, prices of salt products such as lithium carbonate, nickel sulphate, and cobalt sulphate fluctuate. However, on the supply side, the suppliers and traders remain unwilling to lower their willing selling prices. The coefficients for ternary and lithium cobalt oxide black mass remained stable this week. Taking lithium cobalt oxide and ternary cathode black mass as examples: the current coefficient stands at 77-79%, averaging 78%. For ternary cathode black mass, the coefficient currently ranges between 75-78%, with an average of 76.5%.

Demand Side: Most downstream players are skeptical about the continued surge in cobalt sulphate prices. Pure cobalt scrap accounts for less than 10% of the market, with (LFP) remained dominant. Fewer companies purchase pure cobalt scrap compared to ternary scrap, and compared with rising prices of pure cobalt scrap, most firms prefer to adopt a wait-and-see approach, purchasing ternary black mass instead. In summary, lithium cobalt scrap holds a small share in the overall scrap market, with limited availability concentrated in the hands of traders. As cobalt sulpahte prices climb, many producers are holding back inventory or selling small quantities at higher prices.

Cost Side: While cobalt and nickel salt prices fluctuated this week, previous price increases have partially restored cost and profit margins for ternary and pure cobalt scrap processing. Currently, hydrometallurgical profitability for lithium cobalt oxide and ternary scrap hovers around breakeven levels. However, due to insufficient market supply and the inability of most firms to achieve immediate sales of scrap and salt products, some small-to-medium hydrometallurgical enterprises still report inverted margins.

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