[SMM Weekly Review] This week in the hydrometallurgy recycling market: the black mass payables for LCO continued to rise, while LFP black mass prices increased significantly, 2025.12.22-2025.12.25

Published: Dec 25, 2025 18:32

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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.

SMM News on December 18:

Nickel sulphate prices were basically flat WoW, while lithium carbonate prices continued to rise sharply.

Recently, spot and futures lithium carbonate prices kept rising, with futures prices surging significantly. Combined with the just-in-time procurement period this week, LFP black mass payables per % lithium rose WoW, following the increase in lithium chemicals prices. After observing lithium carbonate supply-demand dynamics and policies, upstream grinding enterprises became relatively optimistic about future prices, adjusting prices along with futures and showing strong upward momentum. Taking LFP pole piece black mass as an example, current payables stood at 4,300-4,650 yuan/mtu, up WoW. For ternary black mass, nickel and cobalt payables for ternary pole pieces were 76-78%, up 0.5% WoW, while lithium payables were 74-77%, up 1.5% WoW. The main reasons were rising lithium carbonate prices WoW and relatively limited LCO black mass supply. Currently, most enterprises hold limited cobalt inventory, and after clearing old stock, they had to purchase new material from smelters, pushing prices up. The lithium carbonate price increase gradually passed costs to ternary and LCO segments, driving up payables and prices for both ternary and LCO black mass.

SMM New Energy Research Team

Cong Wang 021-51666838

Rui Ma 021-51595780

Disheng Feng 021-51666714

Yanlin Lü 021-20707875

Zhicheng Zhou 021-51666711

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