Cobalt sulphate prices were flat WoW, nickel sulphate prices were basically flat, while lithium carbonate prices continued to rise sharply. Recently, spot and futures prices for lithium carbonate have continued to climb, with futures posting particularly strong gains. Combined with the arrival of the monthly just-in-time procurement period, LFP black mass prices per % lithium rose WoW in line with higher lithium chemical prices. Upstream grinding enterprises, after observing lithium carbonate supply-demand dynamics and policy developments, have grown relatively optimistic about future prices. Prices have also adjusted in response to futures, showing strong upward momentum. Taking LFP pole piece black mass as an example, current prices stand at 4,300–4,650 yuan/mtu, up WoW. For ternary black mass, nickel and cobalt payables for ternary pole piece black mass currently range from 76% to 78%, up 0.5% WoW, while lithium payables are between 74% and 77%, up 1.5% WoW. The main reason is this week’s rise in lithium carbonate prices, coupled with relatively limited LCO black mass supply. Most enterprises currently hold limited cobalt inventory, and after clearing out old stock, have had to purchase new material from smelters, driving prices upward. The increase in lithium carbonate costs is gradually being passed through to the ternary and LCO segments, lifting both payables and prices for ternary and LCO black mass.

In November 2025, China's total phosphate ore imports decreased by 4.0% MoM to 192,000 mt, while the total import value fell by 1.5% MoM. The comprehensive national average import price rose by 2.6% MoM. China's phosphoric acid exports increased by 65.7% MoM to 48,000 mt, while the average export price continued to decline by 3.4% MoM to $969.8/mt. Imports by Thailand grew by 18.9% MoM, maintaining its position as the largest export destination for the month.

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 Lithium Battery Electrolyte Market Weekly Review: Electrolyte Prices Increased This Week (2025.12.22-12.25)] From December 22 to December 25, 2025, electrolyte prices remained stable. Considering the pressure from the cost side and the dynamic changes in the supply-demand relationship, electrolyte prices were expected to remain stable in the short term.