[SMM Analysis] This week's hydrometallurgy recycling market: spot lithium carbonate fluctuated recently, but ternary and cobalt payables remained at high levels, 2026.1.12-1.15

SMM January 15 News:

Nickel sulphate and cobalt sulphate prices continued to rise this week, while lithium carbonate prices fluctuated.

By material type, ternary and LFP, LFP hydrometallurgical side: some LFP hydrometallurgical enterprises still had stocking demand, while some companies engaged in hedging due to optimistic outlook on future salt prices. Taking black mass from LFP pole pieces as an example, current prices were 6,200-6,800 yuan/mtu, up WoW, but due to recent lithium carbonate price declines, Thursday's price dropped slightly from Wednesday's, though the overall trend for the week was upward. For ternary black mass: current nickel and cobalt payables for ternary pole piece black mass were 78-80%, up 1% WoW, while lithium payables were 77-79%, also rising WoW. Currently, although salt prices increased, black mass payables and black mass prices also rose simultaneously, so profits did not improve significantly compared to the increase.

SMM New Energy Research Team

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lyu Yanlin 021-20707875

Zhou Zhicheng 021-51666711