[SMM Analysis] Lithium battery recycling market procurement volume up MoM in November

Published: Nov 30, 2025 23:56

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Procurement volume in November increased by approximately 10-15% month-on-month, showing an overall active trend. The continuous release of downstream demand was the main driver: on one hand, most LFP battery hydrometallurgy recycling plants conducted large-scale hedging this month as lithium carbonate prices fluctuated due to supply-demand dynamics and individual funding issues. As a result, lithium carbonate maintained high production, and some enterprises planned to launch or expand production, driving the volume of recycled lithium chemicals to exceed 9,000 mt in October, up nearly 15% MoM. On the other hand, ternary hydrometallurgy plants saw increased procurement enthusiasm in early and mid-November as cobalt sulphate and lithium carbonate prices continued to rise, leading to a roughly 5% MoM increase in recycled nickel salt production and a 5% MoM rise in recycled cobalt salt output. Supply side, quotations from grinding mills and traders continued to rise alongside nickel, cobalt, and lithium chemical prices, with black mass prices also following the upward trend. Overall market trading sentiment was more heated compared to the previous month, particularly in the LFP recycling sector. Looking ahead, as end-user demand declines, procurement volume in November is expected to decrease slightly.

SMM November 30:

Market procurement volume in November increased by approximately 10-15% MoM, showing an overall active trend. The continuous release of downstream demand was the main driver: on one hand, most LFP battery hydrometallurgy recycling plants conducted large-scale hedging this month as prices fluctuated due to supply-demand dynamics and individual funding reasons, thus maintaining high lithium carbonate production. Some enterprises also planned to launch or expand production, pushing the volume of recycled lithium chemicals in October to exceed 9,000 mt, up nearly 15% MoM; on the other hand, ternary hydrometallurgy plants saw increased procurement enthusiasm as and lithium carbonate prices continued to rise in the first and middle ten days of November, driving a MoM increase of about 5% in recycled nickel salt production and a 5% MoM increase in recycled cobalt salt production.

Supply side, quotations from grinding mills and traders continued to rise following nickel, cobalt, and lithium chemical prices, with black mass prices also increasing accordingly. Overall market transaction sentiment was hotter than the previous month, especially in the LFP recycling sector.

Looking ahead, with a decrease in end-user demand, procurement volume for recycling in November is expected to decline slightly.

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