[SMM Announcement] SMM NCM/NCA Battery Black Mass Nickel, Cobalt, and Lithium Payables (FOB Malaysia) New Price Officially Launched Announcement.

Dear Users,

Greetings!
 

In recent years, as the global new energy vehicle industry entered a large-scale retirement period and resource security strategies were upgraded, China's lithium battery recycling market continued to expand rapidly. In August this year, China officially began allowing the import and export of black mass, and it is expected that more black mass meeting quality requirements will enter China in the future.

Against this backdrop, the value and pricing mechanism of overseas black mass in the Chinese market are attracting close attention from both upstream and downstream segments of the industry chain.

In response to market changes, addressing the industry's practical needs for evaluating the value of recycled raw materials, and promoting the establishment of a more open and fair pricing benchmark in the lithium battery recycling sector, the Shanghai Metals Market (SMM), after in-depth market surveys and discussions has decided:

On January 9, 2026, SMM will officially launch new weekly price for lithium battery recycling. The newly added price are as follow:

1. SMM Battery Black Mass, NCM/NCA, % payable of SMM's Nickle sulphate, FOB Malaysia, 9% < Ni < 20%;

2. SMM Battery Black Mass, NCM/NCA, % payable of SMM's Cobalt sulphate, FOB Malaysia, Specification: 5% < Co < 10%;

3. SMM Battery Black Mass, NCM/NCA, % payable of SMM's Lithium Carbonate, FOB Malaysia, Specification: 3% < Li < 3.5%;

Details of this price point are as follows:

Description:

Quality: Ni 9%-20%, Co 5%-10%, Li 3%-3.5%

Quantity: Minimum 30 tonnes

Definition: FOB Malaysia main ports

Timing: 1-2 Months

Unit: %

Payment Terms: 50% Payment in advance T/T in USD , other payment terms normalized

Pulication: Weekly, Friday 12pm Beijing time

Relevant companies from the New Energy Industry Chain are welcomed to participate and support SMM in better serving the New Energy Industry Companies.

Relevant companies from the New Energy Industry Chain are welcomed to participate and support SMM in better serving the New Energy Industry Companies.

Shirley Wang 021-51666838 wangcong@smm.cn
Thomas Feng 021-51666714 marui@smm.cn
Freya Lin 021-51666902 linziya@smm.cn
Rayna Lei 021-20707873 leiyue@smm.cn
Melanie Choy (Malaysia) +6012-4926909 melanie.choy@smm.cn

Shanghai Metals Market New Energy Research Team
November 26, 2025