[SMM Weekly Review] Prices of ternary and LFP black mass in the disassembly recycling market continued to rise this week (August 11-14, 2025)

SMM August 14 News:

Hydrometallurgy recycling situation this week:

This week, cobalt sulphate prices continued to rise, nickel sulphate prices remained basically flat, while salt products such as lithium carbonate also surged following the release of information like Jiangxi's mining licenses. This week, nickel and cobalt payable indicators for ternary and LCO black mass remained basically flat, while the lithium payable indicator continued to rise. Additionally, the prices per % lithium for LFP black mass also continued to rise this week. Taking ternary black mass as an example: Currently, the nickel and cobalt payable indicators for ternary pole piece black mass are in the range of 72.5-75%, basically flat WoW, while the lithium payable indicator is in the range of 72-75%, showing an increase MoM from last week. On the demand side, most LFP hydrometallurgy recycling plants are maintaining toll processing. With the continuous rise in lithium carbonate prices, the immediate daily cost of producing lithium carbonate from LFP black mass has resumed profitability, and market transaction activity has increased. On the demand side for ternary hydrometallurgy recycling, most plants are maintaining normal purchases. On the supply side, the psychological selling prices of grinding mills and traders have remained firm amid the continuous rise in salt prices, with a certain reluctance to budge on prices. Market transactions have warmed up somewhat, but due to the stalemate in transactions between upstream and downstream, overall transactions remain sluggish. Cost side, with the recent rebound in salt prices, except for leading integrated hydrometallurgy recycling plants, the profits from externally purchasing LCO black mass, LFP packages, and other materials for salt extraction have returned to above the surplus line. The profits from grinding are slightly better than those from hydrometallurgy recycling, but the profits from grinding at some small and medium-sized plants continue to be negative.

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