[SMM Weekly Review] This Week’s Hydrometallurgy Recycling Market: Lithium Prices Retraced, LFP Black Mass Prices Followed Suit and Rose (June 8-11, 2026)

SMM June 11:

On the raw material side, lithium carbonate prices edged up this week, nickel sulphate prices fluctuated, and cobalt sulphate prices continued to decline.

This week, by material type—ternary, LCO, and LFP—the LFP hydrometallurgical segment: taking LFP electrode black mass as an example, current LFP electrode black mass prices were 7,100-7,500 yuan/mtu, edging up WoW from last Thursday. The main reason was that lithium carbonate prices held up well this week, further driving a slight correction in LFP black mass prices. However, the market remained relatively cautious about the subsequent lithium price trend, with participants preferring to buy the dip. For ternary and LCO, nickel, cobalt and lithium payables for ternary black mass were basically stable. Nickel and cobalt payables for ternary electrode black mass were around 78-80%, and lithium payables at 77-80. This week, the downstream market mainly made purchases based on demand. Cobalt and lithium payables for pure cobalt and high-cobalt scrap were basically stable. Although cobalt and lithium prices continued to decline, most enterprises had suspended procurement in early April due to high inventories and then consumed their elevated stockpiles. By mid-June, some enterprises began to show restocking demand. Moreover, the supply of pure cobalt and high-cobalt black mass remained tight. Therefore, amid weak salt prices, prices remained stable for the time being.

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