【SMM analysis】Weekly Price Trends in Battery Metal Salts and Black Mass（9.1-9.5）

This week, the nickel and cobalt coefficients for materials like ternary and lithium cobalt oxide black mass saw a slight increase due to rising salt prices, while the lithium coefficient fell after aprevious drop.The lithium point price for lithium iron phosphate (LFP) black mass also fluctuated within a range this week.
Taking ternary black mass as an example: currently, the nickel-cobalt coefficient for ternary cathode black mass is 73–75%, unchanged from last week, while the lithium coefficient is 68–71%, down 1% week-on-week.The price for LFP cathode black mass is 2,700–2,950 RMB per lithium point, and the price for battery black mass is 2,450–2,650 RMB per lithium point, down 100 RMB per lithium point compared to last week.
With the continued decline in lithium carbonate prices, ternary recycling hydrometallurgical companies have basically started pricing nickel, cobalt, and lithium coefficients separately. Typically, the lithium coefficient is 4–5 points lower than the nickel-cobalt coefficient.On the LFP hydrometallurgy side, most LFP hydrometallurgical plants continue to operate on a tolling basis. Due to fluctuating lithium carbonate prices, some upstream powder processing companies have suspended quotations amid price uncertainty. However, overall market transactions continue to move in tandem with lithium salt price fluctuations.