[SMM Analysis] This Week in the Hydrometallurgical Recycling Market: Pure Cobalt and Ternary Black Mass Payables Fell Steadily, While LFP Prices Also Began to Decline, 2026.9.21-2026.9.24

SMM, September 24:

Raw material side, this week lithium carbonate prices continued to consolidate at lows around 130,000 yuan/mt, pulling back slightly today. Nickel sulphate prices consolidated on a weak note, approaching the 30,000 yuan/mt mark, while cobalt sulphate prices edged lower again. Today, by ternary, LCO, and LFP material types, LFP hydrometallurgy side: taking LFP electrode black mass as an example, LFP electrode black mass prices currently stand at 6,000-6,450 yuan per % lithium, down 50 yuan per % lithium WoW from Monday. Against the backdrop of consolidating lithium prices, black mass valuations continued to grind lower. Cargo holders' willingness to sell has loosened somewhat, but downstream buying sentiment remains cautious, and overall market trading is sluggish. LFP battery black mass prices are currently at 5,200-5,700 yuan per % lithium, with the price spread versus electrode black mass holding at a high of around 800 yuan per % lithium. Ternary and LCO side, ternary electrode black mass nickel and cobalt payables stand at around 73.5-75%, down another 0.5 percentage points WoW. Some high-nickel series such as 8-series and 9-series ternary electrode black mass transactions remain at around 76%, but room for price negotiation continues to widen. LCO electrode black mass cobalt and lithium payables are at 70-72%, and LCO battery black mass cobalt and lithium payables are at 67-69%. At this stage, secondary cobalt sulphate prices have pulled back slightly again. Downstream LCO hydrometallurgy enterprises remain very cautious in purchasing, market transactions are sluggish, and current prices remain below the ternary side.

SMM New Energy Research Team

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lyu Yanlin 021-20707875