[SMM Weekly Review] This Week's Hydrometallurgical Recycling Market: Pure Cobalt and Ternary Black Mass Prices Continued to Decline (2026.8.17-2026.8.2)

SMM August 20 news:

Raw material side, lithium carbonate and nickel sulphate prices fluctuated this week, while cobalt sulphate prices fell steadily. This week, by ternary LCO and LFP material types, LFP hydrometallurgy side: Taking LFP electrode black mass as an example, the current price of LFP electrode black mass is 6,500-6,950 yuan per % lithium, and the price started to shift downward from last Thursday's transaction WoW. Currently, the LFP battery black mass price is 5,700-6,150 yuan per % lithium, and the price spread with electrode black mass is gradually widening. On the ternary and LCO side, the nickel and cobalt payables for ternary electrode black mass are around 75.5-77.5%, and some 8-series, 9-series and other high-nickel ternary electrode black mass transactions are still around 78%, but all show a slight downward trend; LCO electrode black mass cobalt payables are 74-76%, LCO electrode black mass lithium payables are 72-75%. Currently, with the continued decline in secondary cobalt sulphate prices, downstream LCO hydrometallurgy enterprises are very cautious in purchasing, market transactions are sluggish, and the payables for pure cobalt and high-cobalt black mass continue to be priced separately for cobalt and lithium, with current prices slightly lower than the ternary side.

SMM New Energy Research Team

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lyu Yanlin 021-20707875

Zhou Zhicheng021-51666711