[SMM Weekly Review] This Week's Hydrometallurgy Recycling Market: Lithium Carbonate Futures Market Heated Up, LFP Black Mass Increases Closely Followed (2025.11.17-2025.11.20)
This week, cobalt sulphate prices rose slightly, nickel sulphate prices dropped slightly, and lithium carbonate prices continued to rise sharply.
LFP black mass prices per % lithium increased this week following the rise in lithium chemicals prices. Although it is not yet the month-end or month-start period for just-in-time procurement, after lithium carbonate futures surged significantly in the short term due to capital and supply-demand factors, market expectations for future prices have turned optimistic. As a result, there has been advance purchasing of LFP black mass, leading to a substantial increase in market trading activity. Under the current supply-demand balance for LFP black mass, black mass prices have largely risen in tandem with lithium chemicals prices. Taking LFP pole piece black mass as an example, current prices are 3,450–3,700 yuan/mtu, up significantly MoM.
For ternary black mass, the nickel and cobalt payables for ternary pole piece black mass currently stand at 75–77%, basically flat WoW, while lithium payables are in the range of 72.5–75%, up slightly MoM. Currently, profitability in the recycling sector this year has recovered somewhat as supply has eased and salt prices have rebounded.
SMM November 20 News:
Nickel sulphate prices dropped slightly this week, while cobalt sulphate prices rose slightly, and lithium carbonate prices continued to rise significantly.
LFP black mass prices per % lithium rose this week following the increase in lithium chemicals prices. Although it was not yet the month-end or month-beginning period for just-in-time procurement, after lithium carbonate futures rose sharply in the short term due to capital and supply-demand factors, market expectations for subsequent prices were optimistic. This led to advance purchases of LFP black mass, significantly boosting market transaction activity. Under a balanced supply-demand situation for LFP black mass in the market, black mass prices basically rose with lithium chemicals prices. Taking LFP pole piece black mass as an example, current prices were 3,450-3,700 yuan/mtu, up significantly MoM. For ternary black mass, the nickel and cobalt payables for ternary pole piece black mass were 75-77%, basically flat WoW, while lithium payables were 72.5-75%, up slightly MoM. Currently, profitability in the recycling sector this year recovered as supply eased and salt prices recovered.
SMM New Energy Research Team
Wang Cong 021-51666838
Ma Rui 021-51595780
Feng Disheng 021-51666714
Lyu Yanlin 021-20707875
Zhou Zhicheng 021-51666711
