[SMM Weekly Review] This Week's Hydrometallurgy Recycling Market: LFP Black Mass Prices Continue to Rise, Ternary and Pure Cobalt Prices Remain Stable, June 29-July 2, 2026

SMM News July 2:

Raw material side, lithium carbonate prices rose this week, while nickel sulphate and cobalt sulphate prices fell steadily.

This week, by ternary, LCO and LFP material types: LFP hydrometallurgical side, taking LFP electrode black mass as an example, LFP electrode black mass prices were 6,800-7,200 yuan per % lithium, with transaction prices edging up WoW from last Thursday. This was mainly because lithium carbonate prices held up well last Friday, further driving a slight correction up in LFP black mass prices. LFP battery black mass prices were 6,400-6,600 yuan per % lithium, with the price spread with electrode black mass gradually widening. The main reason was that multiple LFP repair enterprises were active in production, primarily purchasing LFP electrodes, which expanded the demand market for waste LFP electrode scrap. Consequently, some LFP hydrometallurgical enterprises switched to purchasing LFP battery black mass or bought LFP electrode black mass at additional high prices; Ternary and LCO side, nickel and cobalt payables for ternary electrode black mass were around 77-79%. This week, downstream market purchases were largely as-needed. Although lithium chemicals rose, nickel and cobalt salt prices fell steadily, so overall payables were temporarily stable. Cobalt and lithium payables for pure cobalt and high-cobalt scrap were temporarily stable, while cobalt sulphate prices fell steadily, coupled with downstream LCO cathode plant demand being weak, upstream hydrometallurgical enterprises showed generally mediocre purchase enthusiasm.

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