[SMM Weekly Review] Hydrometallurgy Recycling Market This Week: Ternary Black Mass Prices Held Steady, LFP Black Mass Remained Volatile (2025.11.17-2025.11.20)

Published: Nov 27, 2025 17:34

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Cobalt sulphate prices rose slightly WoW, while nickel sulphate prices dropped slightly WoW, and lithium carbonate prices oscillated. LFP black mass prices per % lithium oscillated WoW in line with lithium chemicals, and most enterprises, after large-scale purchases last week, saw demand decrease at this stage. Meanwhile, as lithium carbonate prices continued to oscillate WoW, a price spread existed between upstream and downstream quotes. After experiencing limit-up and limit-down last week, downstream players adopted a cautious stance towards futures prices. Upstream black mass producers, after observing lithium carbonate supply-demand and policies, remained relatively optimistic about future prices. Although prices adjusted with futures, the decline was modest. Taking LFP pole piece black mass as an example, the current price is 3,500-3,700 yuan/mtu, up slightly WoW. For ternary pole piece black mass, the current nickel and cobalt payables are 75-77%, basically flat WoW, while lithium payables are 72.5-75%, also basically flat WoW. Currently, recycling profitability has recovered somewhat this year as supply eased and salt prices recovered.

SMM November 27 News:

Nickel sulphate prices dropped slightly WoW, while cobalt sulphate prices rose slightly, and lithium carbonate prices oscillated.

LFP black mass prices per % lithium oscillated with lithium chemicals this week, and demand from most enterprises declined at this stage after large-scale purchases last week. Meanwhile, as lithium carbonate prices continued to fluctuate this week, a price spread existed between upstream and downstream offers. After experiencing both limit-ups and limit-downs last week, downstream players adopted a cautious stance towards futures prices. Upstream powder-making enterprises, after observing lithium carbonate supply-demand dynamics and policies, remained relatively optimistic about future prices. Although prices adjusted with futures, the decline was limited. Taking LFP pole piece black mass as an example, its current price stood at 3,500-3,700 yuan/mtu, up slightly MoM. For ternary black mass, the nickel and cobalt payables for ternary pole piece black mass currently range between 75-77%, basically flat WoW, while lithium payables are between 72.5-75%, also basically flat MoM. Currently, profitability in the recycling sector this year has recovered somewhat as supply eased and salt prices picked up.

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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