[SMM Weekly Review] This Week in the Hydrometallurgy Recycling Market: LCO Black Mass Payables Began to Rise, LFP Black Mass Prices Shifted from Decline to Increase, 2025.12.15-2025.12.18

Published: Dec 18, 2025 18:49

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Cobalt sulphate prices rose slightly this week, while nickel sulphate prices were basically flat, and lithium carbonate prices continued to rise. Recently, lithium carbonate prices have been significantly influenced by market sentiment, although there has been no major change in supply-demand fundamentals. LFP black mass prices per % lithium rose this week in line with the increase in lithium chemical prices. Upstream grinding enterprises, after observing lithium carbonate supply-demand dynamics and policy developments, remain relatively optimistic about future prices. Although prices have adjusted in response to futures movements, the upward momentum remains strong. Taking LFP pole piece black mass as an example, current prices stand at 3,750-3,950 yuan/mtu, up WoW. For ternary black mass, the nickel and cobalt payables for ternary pole piece black mass currently range from 75.5-77.5%, up 0.25% WoW, while lithium payables remain at 73-75%, basically flat WoW. The main reason is the continued rise in cobalt sulphate prices this week: most enterprises have relatively limited cobalt inventory, and after clearing out old stock, they have had to purchase new material from smelters, driving prices upward. The price increases in cobalt sulphate and lithium carbonate have gradually passed through costs to the ternary and LCO sectors, leading to rises in both payables and prices for ternary and LCO black mass.

SMM December 18 News:

This week, rose slightly, were basically flat, continued to rise.

Recently, lithium carbonate prices were significantly affected by market sentiment, but the underlying supply and demand did not change much. LFP black mass prices per % lithium rose this week along with the increase in lithium chemicals prices. Upstream grinding enterprises, after observing lithium carbonate supply-demand and policies, were relatively optimistic about future prices. Although prices adjusted with futures, the upward momentum was strong. Taking LFP pole piece black mass as an example, the current price is 3,750-3,950 yuan/mtu, up WoW. Taking ternary black mass as another example: the current nickel and cobalt payables for ternary pole piece black mass are 75.5-77.5%, up 0.25% WoW, while lithium payables are 73-75%, basically flat MoM. The main reason was that cobalt sulphate prices continued to rise this week: most enterprises had relatively limited cobalt inventory, and after clearing old stock, they had to purchase new goods from smelters, pushing prices higher. cobalt sulphate and lithium carbonate gradually passed costs through to the ternary and ends, driving up the payables and prices for both ternary and LCO black mass.

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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