[SMM Weekly Review] This week, prices of ternary and LCO black mass in the disassembly recycling market rebounded slightly (June 23-26, 2025)

SMM News on June 19:

Hydrometallurgy recycling situation this week:

Regeneration: This week, following the announcement of import and export restrictions in the DRC, cobalt sulphate prices continued to rise, nickel sulphate prices were basically stable, and lithium carbonate prices rebounded slightly, oscillating. This week, the coefficients for ternary, LCO black mass, etc., remained unchanged, with a slight increase in the cobalt coefficient and a continuous decline in the lithium coefficient. Currently, the lithium prices per % lithium for LFP pole piece black mass range from 2,150 to 2,300 yuan/mtu, and for LFP battery black mass, they range from 1,950 to 2,100 yuan/mtu. Taking ternary black mass as an example: At present, the nickel-cobalt coefficient for ternary pole piece black mass is 72-74%, and the lithium coefficient is 66-70%. The nickel-cobalt coefficient for ternary battery black mass is 70-72%. Demand side, most ternary and LFP hydrometallurgy plants basically maintained stable procurement volumes this month, only consuming basic inventory. Due to the market's pessimistic outlook on subsequent lithium chemical prices, they are cautious about purchasing black mass, and market transactions remain sluggish. Supply side, the psychological selling prices of grinding mills and traders have loosened somewhat due to the continuous decline in salt prices and the sentiment, with black mass prices basically following the continuous price reductions of salt. Market transactions are sluggish. Cost side, currently, except for leading integrated hydrometallurgy plants, the profits of most hydrometallurgy plants remain below the surplus line, especially LFP hydrometallurgy plants, which are greatly affected by the decline in lithium chemical prices. The profits of grinding mills are slightly better than those of hydrometallurgy, but the profits of some small and medium-sized grinding mills continue to be inverted.

SMM New Energy Research Team

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lv Yanlin 021-20707875

Zhou Zhicheng 021-51666711