[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)

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