[SMM Weekly Review] Lithium and Cobalt Prices Hold Steady at High Levels, Second-Life Application Market Continues Structural Divergence Pattern, 2025.12.22-2025.12.25

Published: Dec 25, 2025 17:03

Save

This week, prices in the second-life battery market showed structural fluctuations, with the core driver being the release of year-end stockpiling demand by second-life enterprises. On the cost side, cobalt salt prices remained high and stable, while lithium chemical prices rose further this week. As key raw materials for ternary battery cells, the price increases directly raised raw material costs for battery cell production, providing strong support for ternary battery cell prices. On the supply side, some battery cell manufacturers increased shipments toward year-end based on operational considerations. Demand side, a divergence emerged: tight supply conditions for battery cells in the ESS sector persisted, while demand in the EV sector remained stable. In terms of product flow, due to safety considerations, LFP B-grade cells became the preferred category in the market, with LFP B-grade prices also trending upward. Meanwhile, ternary battery cells flowed mainly into the battery swapping market, where demand is relatively constant, a pattern that directly limited upside room for ternary B-grade prices.

SMM December 25:

Second-life application this week:

This week, second-life battery market prices showed structural fluctuations, with the core driver being the release of year-end stockpiling demand from second-life enterprises. Cost side, cobalt salt prices continued to stabilize at highs, while lithium chemicals prices rose further this week; as core raw materials for ternary battery cells, the price increase directly elevated raw material costs for cell production, providing strong support for ternary battery cell prices. Supply side, nearing year-end, some battery cell manufacturers increased shipment efforts based on operational considerations. Demand side showed a divergent trend: the ESS sector continued to face tight battery cell supply, while demand in the EV sector remained stable. In terms of product flow, due to safety concerns, second-life LFP battery cells became the preferred category in the market, with LFP B-grade prices also rising. In contrast, ternary battery cells flowed more to the battery swapping market, where demand is relatively constant; this pattern directly constrained the upside room for ternary B-grade prices.

The second-life battery market will continue its structural divergence trend. In the short term, high lithium and cobalt prices provide solid cost support, coupled with robust ESS demand and the market's favour for second-life LFP battery cells due to their safety advantages; their prices are expected to be stable with a potential increase. Conversely, for ternary battery cells, constrained by slow demand growth in the battery swapping market and increased shipments from producers, the upside room for ternary B-grade prices will remain limited.

SMM New Energy Research Team

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lyu Yanlin 021-20707875

Lei Yue 021-20707873

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.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

20 hours ago

In January, national passenger car producers' new energy wholesale estimates reached 900,000 units, up 1% YoY.

According to the latest data from the Passenger Car Association, in December 2025, producers with new energy wholesale sales exceeding 10,000 units accounted for 93% of the total wholesale sales of passenger NEVs that month. Based on preliminary January data, these producers achieved sales of 830,000 units in January. As most producers have already locked in their major sales figures, by applying the structural proportion from the previous month to the current month's data, the estimated wholesale sales of passenger NEVs nationwide in January were 900,000 units. According to comprehensive preliminary monthly association data: the estimated wholesale sales of NEVs by national passenger car producers in January 2026 were 900,000 units, up 1% YoY.

20 hours ago

CAAM: In 2025, 476,000 complete vehicles were imported, down 32.4% YoY.

据中国汽车工业协会整理的海关总署数据显示，2025年12月，汽车整车进口3.0万辆，环比下降30.4%，同比下降56.1%；进口金额14.7亿美元，环比下降23.6%，同比下降52.5%。2025年，汽车整车进口47.6万辆，同比下降32.4%；进口金额236.4亿美元，同比下降39.7%。

20 hours ago

Canada Announces New EV Strategy, to Collaborate with China

According to CCTV News, on February 5, Canadian Prime Minister Mark Carney announced a new electric vehicle strategy, including the reinstatement of car purchase subsidies, and stated that Canada will cooperate with China to promote the local production and export of EVs in Canada. According to a statement released by the Prime Minister's Office of Canada, the country will make full use of existing and newly established trade agreements, including a recently reached EV cooperation agreement with China, to facilitate large-scale investment in this sector, diversify Canada’s automotive export markets, and position Canada as one of the global leaders in the electric vehicle industry.

20 hours ago