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

Published: Aug 28, 2025 18:46

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Cobalt sulphate prices continued to rise this week, while nickel sulphate prices also rose slightly. However, the prices of salt products such as lithium carbonate continued to fall. This week, despite the increase in salt prices, the nickel and cobalt payable indicators for ternary, LCO black mass, and other materials rose slightly, while the lithium payable indicator continued to decline after a drop. The weekly prices of LFP black mass per % lithium were largely stable with fluctuations. Taking ternary black mass as an example: currently, the nickel and cobalt payable indicator for ternary pole piece black mass is 73-75%, remaining flat WoW, while the lithium payable indicator is 68-72%, down 3% WoW. The price of LFP pole piece black mass is 2,800-3,000 yuan/mtu, and the price of battery black mass is 2,550-2,800 yuan/mtu, down 125 yuan/mtu MoM.

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

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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