[SMM Weekly Review] Ternary and LFP black mass prices in the disassembly recycling market declined this week (September 1-4, 2025)

SMM September 4 report:

Cobalt sulphate prices continued to rise this week, while nickel sulphate prices also rose slightly. However, prices of lithium carbonate and other salt products kept declining. The nickel and cobalt payable indicators for ternary and LCO black mass edged up slightly due to rising salt prices, while the lithium payable indicator dropped after a previous decline. LFP black mass prices per % lithium also fluctuated within a narrow range this week. Taking ternary black mass as an example: currently, the nickel and cobalt payable indicators for ternary pole piece black mass stood at 73-75%, flat WoW, while the lithium payable indicator ranged 68-71%, down 1% WoW. LFP pole piece black mass traded at 2,700-2,950 yuan/mtu, and battery black mass at 2,450-2,650 yuan/mtu, down 100 yuan/mtu WoW. With lithium carbonate prices continuing to fall, most ternary hydrometallurgy recyclers now price nickel, cobalt, and lithium coefficients separately, typically setting the lithium coefficient 4-5 points lower than nickel and cobalt coefficients. On the LFP hydrometallurgy side, most LFP battery hydrometallurgy recycling plants maintained toll processing. As lithium carbonate prices fluctuated, some upstream powder producers suspended quotations due to price uncertainty, though overall market transactions moved in tandem with lithium chemicals.

SMM New Energy Research Team

Cong Wang 021-51666838

Rui Ma 021-51595780

Disheng Feng 021-51666714

Yanlin Lü 021-20707875

Zhicheng Zhou 021-51666711