Latest Update in the SMM Battery Recycling Market

With the rapid development of the new energy industry, to help enterprises better control price fluctuations in the black mass market and more sensitively reflect market price changes, while further reducing transaction costs for upstream and downstream segments of the lithium battery recycling industry chain when using black mass prices, SMM has launched the lithium battery black mass index price. The SMM lithium battery black mass index price is based on the actual transactions and indicative quotes for the black mass payables and prices per % lithium on the day from enterprises in the lithium battery recycling industry chain (upstream crushing enterprises, downstream hydrometallurgical enterprises, integrated enterprises, and traders). It is calculated through a model that assigns different weights to each price submitter, serving as an indicative price reference for lithium battery recycling black mass settlements. It reflects the most representative lithium battery recycling payables and prices per % lithium on the day the index is published.

[SMM Tin Midday Review: SHFE Tin Prices Fluctuated Downward During the Day, Short-Term Support Seen Around 285,000 Yuan] At the midday close, the most-traded SHFE tin 2512 contract settled at 288,950 yuan/mt, down 990 yuan from the previous day. Although SHFE tin rebounded slightly during the night session, it came under pressure and pulled back after the daytime opening, hitting a high of 291,820 yuan/mt and a low of 288,480 yuan/mt. However, during today's Asian trading session, the US dollar index held above the 99.5 level, and with the market awaiting delayed US economic data, LME tin maintained a fluctuating downward trend.

[SMM Tin Midday Review: Tin Prices See Roller Coaster Ride Again, Tug-of-War Between Longs and Shorts Leads to High-Level Stalemate] The most-traded SHFE tin contract showed a fluctuating downward trend. By the midday close, SHFE tin prices were clearly under pressure, down more than 1% from the previous day's settlement price. This movement extended the previous trading day's correction, with the most-traded SHFE tin contract closing overnight at 290,940 yuan/mt, down 3,310 points, a decline of 1.12%. From a macro perspective, recent market sentiment fluctuations have intensified significantly, becoming a key factor affecting short-term tin price movements. US Fed officials Logan and Schmid released strong hawkish signals, explicitly opposing a December interest rate cut, which cooled market expectations for a shift in the US Fed's monetary policy. This change boosted the US dollar index, thereby putting pressure on dollar-denominated metal prices. Meanwhile, domestic economic data for October showed mediocre performance, with industrial added value of enterprises above designated size up 4.9% YoY, and demand boost remaining insufficient, making it difficult to provide effective support for tin prices.

This week, finished steel products fluctuated rangebound, while raw material prices diverged, with coking coal and coke showing relative weakness. Iron ore prices trended upward during the week, yet the average price edged down slightly on a WoW basis. In the first half of the week, the National Development and Reform Commission convened a video conference on energy supply guarantees for the 2025–2026 heating season and held talks with China National Coal Group and Shenhua Group. Amid expectations of supply guarantees, coking coal and coke futures experienced a sharp decline, while other ferrous metals showed no significant movement. In the latter half of the week, fundamentals indicated continued inventory drawdowns for the five major steel products, but demand also weakened further.

[SMM Tin Midday Review: SHFE Tin Contracts Fluctuate Downward, Downstream Enterprises Remain Cautious] At midday on November 14, 2025, the most-traded SHFE tin contract closed at 291,920 yuan/mt, down 1.61% from the previous day. This morning, SHFE tin contracts fluctuated downward, with prices failing to hold after yesterday's sharp rise and continuing to decline from the highs. The London Metal Exchange (LME) tin contract recently showed relative weakness, with LME tin temporarily quoted at $36,855/mt, down 0.57%.

[SMM Tin Midday Review: Supply-Demand Tight Balance and Macro Expectations Game, SHFE Tin Fluctuates at Highs to Hit a New Phase High]

[SMM Tin Midday Review: SHFE Tin Maintains High-Level Consolidation at Midday, Supply Disruptions and Macro Sentiment Resonate to Drive Up Tin Prices]

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The global copper scrap trade is entering a new cycle of restructuring. Over the past decade, the global trade network for copper scrap has been highly dependent on China. However, since China implemented the Solid Waste Import Ban in 2018, the global supply chain has been forced to reorganize, and a large volume of copper scrap has been redirected to Southeast Asian countries. By 2020, as Southeast Asian countries gradually tightened import controls, the global copper scrap market ongoing a “second phase of flow rebalancing.”