【SMM Analysis】This week's hydrometallurgy recycling market: The price of ternary recycling black mass remained stable, while lithium iron phosphate black mass continued to fluctuate.

This week, cobalt sulphate prices rose slightly, nickel sulphate prices dropped slightly, and lithium carbonate prices fluctuated. The price per % lithium for LFP black mass fluctuated along with lithium chemicals this week, and demand declined at the current stage as most enterprises had engaged in large-scale purchases last week. Meanwhile, due to continued volatility in lithium carbonate prices this week, a price spread emerged between upstream and downstream quotations.

After experiencing both limit-up and limit-down movements last week, downstream players adopted a cautious stance towards futures prices. In contrast, upstream powder producers remained relatively optimistic about future prices after observing lithium carbonate supply-demand dynamics and policies. Although prices adjusted in line with futures, the decline was limited. Taking LFP pole piece black mass as an example, the current price range was 3,500–3,700 yuan/mtu, up slightly MoM. For ternary black mass, the current nickel-cobalt coefficient for ternary pole piece black mass stood at 75–77%, basically flat WoW, while the lithium coefficient was 72.5–75%, also basically flat MoM. Currently, profitability in the recycling sector this year has improved as supply eased and salt prices recovered.