[SMM Weekly Review] Hydrometallurgy Recycling Market This Week: Just-in-Time Procurement Period Passed, Black Mass Prices Basically Flat (2025.11.3-2025.11.6)

Published: Nov 6, 2025 19:05

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Cobalt sulphate prices held steady this week, while prices of salt products such as nickel sulphate and lithium carbonate dropped slightly. With the decline in salt prices and the passing of the month-end just-in-time procurement period, the lithium coefficient for LCO black mass dropped slightly. Meanwhile, the price per % lithium for LFP black mass fell WoW in line with the drop in lithium chemical prices, but the decline was relatively small. Taking LFP pole piece black mass as an example, the current price range is 2,900-3,150 yuan/mtu. For ternary black mass, the nickel and cobalt payables currently stand at 75.5-76%, flat WoW, while the lithium payables range from 71-74%, basically flat MoM. On the profit side, earlier profits from producing lithium carbonate using externally purchased LFP black mass rebounded as lithium prices rose, with the profit margin ranging from -3% to 4%. However, as lithium prices pulled back, the profit margin also fell to between -5% and -6%. The situation is similar in the ternary hydrometallurgy sector, where profits generally hover around 1-3%. In the LCO hydrometallurgy sector, profits have declined to around 1-3% as rising cobalt prices drove up cobalt payables for upstream and downstream recycling enterprises. Supply side, after the decline in nickel, cobalt, and lithium prices, upstream recycling enterprises need some time to pass on price changes for batteries such as LCO and LFP, as well as pole pieces. Prices for black mass and used battery cells remained mostly flat with minor decreases. Most enterprises, facing losses, adopted a wait-and-see approach, with many LFP battery hydrometallurgy recycling plants maintaining toll processing for business clients.

SMM November 6 News:

Cobalt sulphate prices held steady this week, while nickel sulphate and lithium carbonate prices dropped slightly. With falling salt prices and the month-end just-in-time procurement period having passed, the lithium coefficient for LCO black mass dropped slightly. LFP black mass prices per % lithium fell WoW in line with declining lithium chemical prices, but the decrease was relatively small. Taking LFP pole piece black mass as an example, current prices were 2,900-3,150 yuan/mtu. For ternary black mass, the nickel and cobalt payables were 75.5-76%, basically flat WoW, while the lithium payables were 71-74%, also basically flat MoM. On the profit side, earlier profits from externally purchased LFP black mass used in lithium carbonate production rebounded as lithium prices rose, with profit margins ranging from -3% to 4%. However, as lithium prices pulled back, profit margins fell to between -5% and -6%. Ternary hydrometallurgy showed similar trends, with profits hovering around 1-3%. In LCO hydrometallurgy, profits dropped to about 1-3% as rising cobalt prices pushed up cobalt payables for upstream and downstream recycling enterprises. Supply side, after nickel, cobalt, and lithium prices fell, upstream recycling enterprises needed time to pass on price changes for LCO batteries, LFP batteries, and pole pieces. Black mass and used battery cell prices were mainly flat with slight decreases. Most enterprises maintained a wait-and-see stance amid losses, with many LFP battery hydrometallurgy recycling plants continuing toll processing for Business clients.

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

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