[SMM Analysis] Hydrometallurgy Recycling Market This Week: LFP and Ternary Black Mass Prices Continued to Rise, Pure Cobalt Black Mass Payables Remained Stable (2026.5.4-2026.5.7)

SMM May 7 update:

Raw material side, lithium carbonate prices continued to rise this week, driven by supply-side disruptions that further strengthened the tighter Q2 expectations and significant position building in far-month futures contracts. Nickel salt prices edged up, while the cobalt salt market remained lackluster and basically stable.

This week, by material type (ternary, LCO, and LFP): LFP hydrometallurgical segment — taking LFP electrode black mass as an example, current LFP electrode black mass prices were 7,950-8,400 yuan/mtu, up 500 yuan/mtu WoW from Thursday's transactions. As lithium carbonate futures and spot prices continued to rise this week, LFP black mass prices also kept rising, and as some LFP recycling enterprises became increasingly tied to futures prices, market reactions became more sensitive. Ternary and LCO segment: ternary prices edged up, post-holiday market transactions were very sluggish and dominated by quotations, but as nickel salt and cobalt salt prices continued to rise, some enterprises began to raise their quotations. Pure cobalt and high-cobalt scrap coefficients remained stable. Although lithium chemicals continued to rise, it was not a just-in-time procurement period, as downstream hydrometallurgical enterprises had sufficient inventory, demand was sluggish, and prices held steady.

SMM New Energy Research Team

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lv Yanlin 021-20707875

Zhou Zhicheng 021-51666711