[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)

Published: Nov 13, 2025 17:28

Save

This week, nickel sulphate prices dropped slightly, while lithium carbonate prices rose significantly. LFP black mass prices per % lithium increased this week in line with the rise in lithium chemicals prices and, under a supply-demand balance, generally followed the upward trend of lithium chemicals. Taking LFP pole piece black mass as an example, the current price range is 3,050–3,300 yuan/mtu. For ternary black mass, the current nickel and cobalt payables stand at 75–77%, up slightly WoW, while lithium payables are in the range of 71–74%, basically flat MoM. On the profitability front, as lithium prices rose earlier, the profit from producing lithium carbonate using externally purchased LFP black mass rebounded, with the profit margin ranging from -3% to 4%. The ternary hydrometallurgical sector shows a similar situation, with profits hovering around 1–3%. In the LCO hydrometallurgical sector, as cobalt prices continued to rise, driving up cobalt payables for upstream and downstream recycling enterprises, profits have recently declined to around 1–3%. This year, profitability in the recycling sector has recovered somewhat, supported by a looser supply and a rebound in salt prices.

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

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

18 hours ago

Beijing Launches 500-kV Power Project in Fengtai, Boosting Grid Resilience and Industrial Growth

On January 28th, the construction of the 500-kilovolt power transmission and transformation project in Fengtai, Beijing officially started. This project is the first newly-built 500-kilovolt power grid project in Beijing during the 15th Five-Year Plan period. It will significantly enhance the resilience and power receiving capacity of the southern Beijing power grid and provide reliable power support for Beijing to continuously optimize the investment structure and vigorously develop high-end, precise, and cutting-edge industries. The 500-kilovolt power transmission and transformation project in Fengtai, Beijing is a key project of Beijing's power grid during the 15th Five-Year Plan period and one of the "3 100" key projects in Beijing this year. It is constructed and managed by the State

18 hours ago

Shaanxi-Anhui UHV DC Project's 500-kV AC System at Hezhou Station Begins Operation After Trial Run

On February 1st, the 500-kilovolt AC system of the Hezhou Converter Station, the receiving-end station of the ±800-kilovolt UHV DC power transmission project from northern Shaanxi to Anhui, was officially put into operation after a 24-hour trial run.

18 hours ago

750-kV Power Line Connecting Northern to Central Shaanxi Fully Operational

On February 2nd, the 750-kilovolt power transmission and transformation project of the third passageway from northern Shaanxi to central Shaanxi was fully connected. The project starts from the 750-kilovolt Shuofang Substation in Shenmu City in the north and ends at the 750-kilovolt Bailuyuan Substation in Lantian County in the south. It has newly built a 1,271-kilometer line, passing through 18 counties (districts) in 4 cities including Yulin, Yan'an, Weinan and Xi'an.

18 hours ago