[SMM Weekly Review] This week in the hydrometallurgy recycling market: Ternary black mass prices rose slightly, while LFP black mass maintained fluctuations (2025.12.8-2025.12.11)

Published: Dec 11, 2025 18:32

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Cobalt sulphate prices rose slightly this week, while nickel sulphate prices dropped slightly, and lithium carbonate prices fluctuated. LFP black mass payables per % lithium fluctuated with lithium chemicals this week. As the purchase period for recycling from late November to early December ended, coupled with significant fluctuations in lithium carbonate futures prices due to capital and market sentiment, market purchases were relatively cautious. Meanwhile, upstream grinding 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, current prices stood at 3,600-3,750 yuan/mtu, unchanged WoW from the weekly average, with minor fluctuations in the high-low range. For ternary black mass, nickel and cobalt payables for ternary pole piece black mass currently range from 75.5-77%, up 0.25% WoW, while lithium payables range from 73-75%, also rising slightly WoW. The main reason was the continued increase in cobalt sulphate prices this week: most enterprises held relatively limited cobalt inventory, and after clearing old stock, they had to purchase new material from smelters, pushing prices higher. Additionally, the strategic partnership agreement between the DRC and the US announced on Monday boosted purchasing sentiment among domestic enterprises. The rise in cobalt sulphate prices gradually passed through costs to ternary and LCO segments, driving up both payables and prices for ternary and LCO black mass.

SMM December 11 News:

Nickel sulphate prices dropped slightly this week, while cobalt sulphate prices rose slightly, and lithium carbonate prices fluctuated.

LFP black mass prices per % lithium fluctuated with lithium chemicals this week. As the purchase period for recycling from late November to early December ended, coupled with significant fluctuations in lithium carbonate futures prices due to capital and market sentiment, market purchases were relatively cautious. Grinding enterprises, after observing lithium carbonate supply-demand and policies, were relatively optimistic about future prices. Although prices adjusted with futures, the decline was limited. Taking LFP pole piece black mass as an example, the current price range was 3,600-3,750 yuan/mtu, unchanged WoW, with minor fluctuations in the high-low range. For ternary black mass, the current nickel and cobalt payables were 75.5-77%, up 0.25% WoW, while lithium payables were 73-75%, also rising slightly WoW. The main reason was the continuous increase in cobalt sulphate prices this week: most enterprises had relatively limited cobalt inventory, and after clearing old stock, they had to purchase new goods from smelters, driving prices up. Additionally, the strategic partnership agreement between the DRC and the US announced on Monday boosted domestic enterprises' purchasing sentiment. The rise in cobalt sulphate prices gradually passed costs to ternary and LCO sectors, driving up ternary and LCO black mass payables and prices.

SMM New Energy Research Team

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lyu Yanlin 021-20707875

Zhou Zhicheng 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.

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