According to SMM research, in November 2023, China recycled 38,540 mt of waste lithium batteries, including batteries, pole piece, and black mass, down 17% MoM.
Per SMM's November 2023 data, China recycled 9,690 mt of waste ternary batteries (25% of total), 28,110 mt of waste LFP batteries (73%), and 740 mt of waste LCO batteries (2%).
In November, recycling companies were cautious in buying waste ternary materials. To avoid losses, hydro-metallurgical plants sometimes sold ternary black mass cheaply. Plants with long-term contracts bought just enough, avoiding surplus. SMM research shows ternary hydro-metallurgy plants operated at about 30%, signaling a sharp drop in ternary recycling.
