[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

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