[SMM Weekly Review] This Week's Hydrometallurgy Recycling Market: LFP Black Mass Prices Continued to Rise with Lithium Salt Prices (2025.11.10-2025.11.13)

SMM November 13:

This week, cobalt sulphate prices rose slightly, nickel sulphate prices dropped slightly, and lithium carbonate prices increased significantly.

The price per % lithium for LFP black mass rose this week following the increase in lithium chemical prices, and under a supply-demand balance, it basically increased along with lithium chemical prices. Taking LFP pole piece black mass as an example, the current price is 3,050-3,300 yuan/mtu. For ternary black mass, the nickel and cobalt payables currently stand at 75-77%, basically flat with a slight increase WoW, while the lithium payables are at 71-74%, basically flat MoM. In terms of profitability, as lithium prices rose earlier, the profit for producing lithium carbonate from externally purchased LFP black mass rebounded, with a profit margin ranging from -3% to 4%. The situation is similar for ternary hydrometallurgy, with profits hovering around 1-3%. For LCO hydrometallurgy, as cobalt prices continued to rise, driving up cobalt payables for upstream and downstream recycling enterprises, profits have currently declined to around 1-3%. This year, profitability in the recycling sector has recovered as supply eased somewhat and salt prices recovered.

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