【SMM Analysis】A Review of Scrap Spot Price Trends This Week (June 19, 2025 ）

Weekly Recycling Project Updates:

Lithium Salt Prices Fluctuated This Week; Cobalt and Nickel Salt Prices Continued to Decline
This week, prices for ternary and lithium cobalt oxide black mass also remained on a downward trend. Lithium iron phosphate (LFP) electrode scrap black mass traded at 2,200–2,300 yuan per lithium point, while LFP battery black mass traded at 2,000–2,150 yuan per lithium point. Taking ternary black mass as an example:

• Ternary electrode scrap black mass currently has a nickel-cobalt recovery coefficient of 72–74% and a lithium recovery coefficient of 69–72%.

• Ternary battery black mass has a nickel-cobalt recovery coefficient of 70–72%.

On the demand side:
Most hydrometallurgical plants processing ternary and LFP materials maintained stable procurement volumes this month, primarily consuming existing inventory. Due to persistent market pessimism regarding future lithium salt prices, purchases of black mass remained cautious, resulting in sluggish market activity.

On the supply side:
Crushing plants and traders showed increased flexibility in selling prices amid continued declines in salt prices. Black mass prices fell in line with salt price reductions, though market transactions remained muted.

Cost and profitability analysis:

• Outside top-tier vertically integrated hydrometallurgical plants, most operators (especially LFP processors) reported profits below breakeven levels, heavily impacted by falling lithium salt prices.

• Crushing plants saw slightly better margins than hydrometallurgical processors, though many small-to-medium crushing facilities continued to operate at sustained losses.