[SMM Analysis] A Review of This Week's Scrap Spot Price Trends (January 6-9, 2025)

SMM January 9 News:

This week, the recycled scrap market prices fluctuated. Supply side: This week, lithium carbonate and cobalt sulphate prices remained basically stable, while nickel sulphate prices rose slightly due to tight supply and continued destocking, though the upward space was relatively limited. Most small and medium-sized hydrometallurgical plants faced persistent scrap price inversions combined with relatively small year-end scrap price fluctuations, making it difficult to see any market activity. Some are expected to take an early holiday before the Chinese New Year, while leading large plants maintained normal production but generally refrained from significant stockpiling. Demand side: Most hydrometallurgical enterprises had completed their pre-year-end stockpiling activities by the end of December. Approaching year-end, most enterprises preferred to maintain low throughput operations and showed weak acceptance of high-priced black mass. This week, buyers and sellers remained in a relatively stalemated pricing situation, with sluggish transaction activity. Currently, as the Chinese New Year approaches, most enterprises have low willingness to ship or purchase. In the short term, black mass prices are expected to continue fluctuating along with nickel, cobalt, and lithium salt prices, while the black mass coefficient is expected to remain temporarily stable due to weak supply and demand.

SMM New Energy Research Team

Cong Wang 021-51666838

Rui Ma 021-51595780

Disheng Feng 021-51666714

Ying Xu 021-51666707

Yanlin Lü 021-20707875

Yujun Liu 021-20707895

Xiaodan Yu 021-20707870

Zhicheng Zhou 021-51666711

He Zhang 021-20707850