[SMM Weekly Review] Ternary and LFP Black Mass Prices in the Disassembly Recycling Market Fluctuated This Week (2025.8.25-2025.8.28)

SMM August 28 News:

This week, cobalt sulphate prices continued to rise, while nickel sulphate prices also rose slightly. However, the prices of lithium carbonate and other salt products continued to fall. This week, nickel and cobalt payable indicators for ternary, LCO black mass, and other materials increased slightly with the rise in salt prices, while the lithium payable indicator continued to decline. The price of LFP black mass per % lithium this week was basically stable. Taking ternary black mass as an example: currently, the nickel and cobalt payable indicator for ternary pole piece black mass is 73-75%, flat WoW, while the lithium payable indicator is 68-72%, down 3% WoW. The price of ternary pole piece black mass is 2800-3000 yuan/mtu, and the price of battery black mass is 2550-2800 yuan/mtu, down 125 yuan/mtu WoW. Currently, with the continuous decline in lithium carbonate prices, ternary recycling hydrometallurgy companies generally separate the pricing of nickel, cobalt, and lithium coefficients, with the lithium coefficient typically 4-5 points lower than the nickel and cobalt coefficients. In the LFP hydrometallurgy sector, most LFP battery hydrometallurgy recycling plants maintain toll processing. With the fluctuation in lithium carbonate prices, some upstream powdering companies have suspended quotations due to price uncertainty, but overall market transactions still fluctuate with lithium chemicals.

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