[SMM Weekly Review] Prices of ternary and LFP black mass in the disassembly recycling market continued to rise this week (July 28-31, 2025)

SMM News on July 31:

Hydrometallurgy recycling situation this week:

This week, the prices of salt products such as cobalt sulphate and lithium carbonate have risen. Among them, the price of lithium carbonate dropped after an earlier increase, showing an overall oscillating trend. This week, the nickel and cobalt coefficients for ternary and LCO black mass remained basically flat, especially the lithium coefficient, which dropped slightly after the decline in lithium carbonate prices. The prices per % lithium for LFP black mass remained basically flat. Taking ternary black mass as an example: Currently, the nickel and cobalt coefficients for ternary pole piece black mass are in the range of 72.5-75%, and the lithium coefficient is in the range of 70-72%. The nickel and cobalt coefficients for ternary battery black mass are in the range of 70-72.5%. On the demand side, most LFP hydrometallurgy recycling plants are maintaining toll processing, and the recent price increase of lithium carbonate has boosted the purchasing sentiment of some customers. In recent days, the immediate cost of producing lithium carbonate from LFP black mass has started to yield profits. On the demand side of ternary hydrometallurgy recycling, most plants are maintaining normal purchases and appropriately increasing them with the salt prices. On the supply side, the psychological selling prices of grinding mills and traders have increased with the continuous rise in salt prices, especially lithium carbonate prices. The black mass prices have basically followed the continuous price increase of salt products, and market transactions have been sluggish. On the cost side, with the recent rebound in salt prices, except for the top integrated hydrometallurgy recycling plants, the profits from externally purchasing LCO black mass for salt extraction have returned above the surplus line. However, the profits of the ternary and LFP hydrometallurgy recycling sectors are still below the surplus line. The profits of the grinding mill sector are slightly better than those of the hydrometallurgy recycling sector, but the profits of the grinding mill sector in some small and medium-sized plants 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