[SMM Weekly Review] The hydrometallurgy recycling market this week: ternary and pure cobalt payables were slightly lowered, and market transactions were sluggish (Jun. 14-18, 2026).

SMM June 18:

Raw material side, this week, lithium carbonate and nickel sulphate prices fluctuated, while cobalt sulphate prices continued to decline. This week, by material type, looking at ternary, LCO, and LFP: For the LFP wet process side, taking LFP electrode black mass as an example, the price of LFP electrode black mass was 7,200-7,600 yuan/mtu, edging up slightly from last Thursday's transaction level. This was mainly because lithium carbonate prices held up well last Friday, further driving a slight correction in LFP black mass prices. However, the market remained relatively cautious about future lithium prices, with participants preferring to buy the dip. For the ternary and LCO side, nickel, cobalt, and lithium payables for ternary black mass were essentially unchanged, with ternary electrode black mass nickel-cobalt payables at around 77.5-80%, and lithium payables at 77-80. This week, the downstream market purchased largely based on needs, and with the continued decline in salt prices and the ongoing rise in sulphuric acid prices among wet-process auxiliary materials, nickel and cobalt payables were also adjusted downward. Cobalt and lithium payables for pure cobalt and high-cobalt scrap were also slightly reduced. The continued drop in cobalt sulphate prices, coupled with sluggish demand from downstream LCO cathode plants, led to a decline in purchasing enthusiasm among upstream wet-process enterprises.

SMM New Energy Research Team

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lu Yanlin 021-20707875

Zhou Zhicheng 021-51666711