[SMM Analysis] Lithium Battery Recycling Market Procurement Volume Continued to Rise MoM in October

Published: Oct 31, 2025 19:33

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Procurement volume in the market reached 30,200 mt in October, up approximately 7.30% MoM, showing an overall active trend. The main driver was sustained release of downstream demand: on one hand, most LFP battery hydrometallurgy recycling plants maintained high production amid a rebound in lithium carbonate prices, and some enterprises planned to launch or expand production, driving the volume of recycled lithium chemicals to around 8,500 mt in September, up about 12% MoM; on the other hand, ternary hydrometallurgy plants saw a significant increase in cobalt sulphate prices in early and mid-October due to supply-side impacts, while lithium carbonate performed well, further boosting procurement enthusiasm. This led to recycled nickel salt production reaching 5,580 mt in metal content (up about 6.29% MoM) and recycled cobalt salt production reaching 1,350 mt in metal content (up 2% MoM).

SMM Oct. 31:

Market procurement volume in October was 30,200 mt, up about 7.30% MoM, showing overall active momentum. The main driver was the continuous release of downstream demand: on one hand, most LFP battery hydrometallurgy recycling plants maintained high output against the backdrop of some recovery in , with some enterprises planning to commence or expand production, pushing recycled lithium chemicals volume in September to about 8,500 mt, up about 12% MoM; on the other hand, ternary hydrometallurgy plants saw a significant rise in in early and mid-October due to supply-side impacts, coupled with strong lithium carbonate performance, further boosting procurement enthusiasm. This drove recycled nickel salt production to 5,580 mt in metal content (up about 6.29% MoM) and recycled cobalt salt production to 1,350 mt in metal content (up 2% MoM).

Supply side, quotations from grinding mills and traders continued to rise following nickel, cobalt, and lithium chemical prices, with black mass prices also increasing accordingly. Overall market transaction sentiment was hotter compared to last month, especially in the LFP recycling sector.

Looking ahead, as end-user demand decreases, November's recycled procurement volume is expected to see a slight decline.

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