This week, cobalt sulfate prices continued to rise, while nickel sulfate prices also increased slightly. In contrast, the prices of salt products such as lithium carbonate continued to decline. Although the nickel and cobalt coefficients for materials like NCM and LCO black mass increased slightly due to rising salt prices, the lithium coefficient fell after a previous drop. The lithium point price for LFP black mass also fluctuated within a narrow range this week.
Taking NCM black mass as an example: the current nickel-cobalt coefficient for NCM cathode black mass stands at 73–75%, unchanged from the previous week, while the lithium coefficient ranges from 68–72%, down 3% week-on-week. The price for LFP cathode black mass is 2,800–3,000 RMB per lithium point, and battery black mass is priced at 2,550–2,800 RMB per lithium point, a decrease of 125 RMB per lithium point compared to last week.
With the continued decline in lithium carbonate prices, hydrometallurgical recycling companies for NCM materials have generally begun pricing nickel, cobalt, and lithium coefficients separately. Typically, the lithium coefficient is 4–5 percentage points lower than the nickel-cobalt coefficient. In the LFP hydrometallurgical sector, most plants continue to operate on a tolling basis. Due to fluctuating lithium carbonate prices, some upstream powder processing companies have suspended quotations amid price uncertainty. Overall, market transactions continue to move in line with lithium salt price volatility.
