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Chinese lithium carbonate prices jumped during the week following sharp gains on the Guangzhou Futures Exchange (GFEX) and amid firm downstream demand, particularly from the energy storage sector, the sources said.
Fastmarkets’ daily price assessment of lithium carbonate, 99.5% Li2CO3 min, battery grade, spot price range, exw domestic China was 85,000-87,900 yuan ($11,979-12,388) per tonne on Thursday, widening upward by 1,900 yuan from 85,000-86,000 yuan the previous day, and up from 78,700-79,900 yuan one week prior.
Deals for LFP black mass were heard at 3,000 yuan per % lithium during the week, up by 200-300 yuan from deals of 2,700-2,800 yuan per % lithium heard last week, tracking the uptrend in lithium prices.
Market participants indicated the prevailing workable level for LFP black mass at 2,800-3,000 yuan per % lithium DDP China this week.
Fastmarkets’ weekly assessment of the price for black mass, LFP, ddp China was 2,800-3,000 yuan per % lithium on Thursday, up by 200 yuan from 2,600-2,800 yuan per % lithium a week earlier.
“Prices for LFP black mass are more sensitive to changes in lithium prices compared with NCM black mass,” a Chinese recycling source told Fastmarkets.
Trading of NCM black mass was largely stable during the week. Improved market sentiment for lithium and cobalt has kept Chinese recyclers’ purchases of such material at a steady pace, sources said.
Transactions for NCM black mass were heard concluded at payables of 73-74% DDP China for nickel and cobalt, and at payables of 72-73% DDP China for the lithium component over the past week, according to sources.
“Bullishness in the virgin cobalt market due to the [Democratic Republic of the Congo’s (DRC)] export quotas has provided support to payable levels [for NCM black mass] in China. It also raised [capacity] utilization rates and increased market activity,” a buying source in the US told Fastmarkets.
Cobalt exports from the DRC remain largely halted despite the official start of a new quota-based export system on October 16. As a result, supply into China has tightened, leading to a price rally across the cobalt supply chain.
Fastmarkets’ weekly assessments of the black mass, NCM, payable indicator, nickel, ddp China, % payable Fastmarkets’ nickel sulfate min 21%, max 22.5%; cobalt 10ppm max, exw China and of the black mass, NCM, payable indicator, cobalt, ddp China, % payable Fastmarkets’ cobalt sulfate 20.5% Co basis, exw China were both at 73-74% on Thursday, narrowing upward from 72-74% week on week.
The corresponding weekly assessment of black mass, NCM, payable indicator, lithium, ddp China, % payable Fastmarkets’ lithium carbonate 99.5% Li2CO3 min, battery grade, spot price range, exw domestic China was 70-73% on Thursday, unchanged week on week.
End-of-life (EOL) battery prices also increased over the past week, with LFP EOL batteries rising more quickly than NCM EOL batteries.
The availability of EOL batteries remained limited in the Chinese recycling market, according to sources.
“Pre-treatment companies have to pay extremely high prices to acquire scrapped batteries in the spot market. Many of these spent batteries go to secondary utilization rather than recycling, because there is more profit there,” a second Chinese recycler source told Fastmarkets.
Deals of prismatic LFP EOL batteries with aluminum casing were heard at almost 10,000 yuan per tonne EXW China over the past week, while some trades of NCM EOL batteries were heard concluded around 30,000-32,000 yuan per tonne EXW.
Fastmarkets’ weekly price assessment for lithium-ion battery scrap, LFP, end of life, prismatic, exw China was 9,500-10,000 yuan per tonne on Thursday, up from 9,200-9,500 yuan per tonne a week earlier.
Fastmarkets’ weekly price assessment for lithium-ion battery scrap, NCM, end of life, prismatic, exw China was 29,800-32,000 yuan per tonne on Thursday, up from 29,600-32,000 yuan per tonne week on week.
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