[SMM Weekly Review] This Week's Second-Life Application Market: Tug-of-War Between Sellers and Buyers, Prices Stabilized and Rose Narrowly, 2025.9.22-2025.9.25

SMM September 25 News:

Second-Life Application This Week:

Market feedback this week indicated that lithium carbonate prices remained stable, but due to previous price fluctuations, recycling enterprises generally adopted a cautious stance toward lithium chemicals prices. Subsequently, the DRC adjusted its cobalt export policy, which directly drove cobalt prices higher, in turn pushing up prices of spent ternary and LFP battery cells. This upward sentiment further transmitted to the second-life battery market, intensifying stockpiling by suppliers; meanwhile, buyers generally believed that current second-life prices were nearing their psychological upper limit. With sellers and buyers locked in a standoff, second-life market prices temporarily held steady.

Overall, significant upside room for second-life battery cell prices is expected to be limited: on one hand, the market lacks a core driver for substantial price increases; on the other hand, although demand-side factors will push prices up slightly. However, with enterprises generally operating at low speeds and procurement driven mainly by rigid demand, the second-life and recycling markets are expected to maintain relatively stable operation.

SMM New Energy Research Team

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lu Yanlin 021-20707875

Zhou Zhicheng 021-51666711

Lei Yue 021-20707873