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  Prices for Aluminum Tense Scrap Continue to Rise, Secondary Aluminum Alloy Prices Increase Steadily[Weekly Review of Aluminum Scrap and Secondary Aluminum]

  [SMM Analysis]Prices for Aluminum Tense Scrap Continue to Rise, Secondary Aluminum Alloy Prices Increase Steadily

• [SMM Weekly Review] This Week's Hydrometallurgy Recycling Market: LFP Black Mass Prices Continued to Rise (2025.10.27-2025.10.31)

  This week, prices of salt products such as cobalt sulphate and nickel sulphate remained stable, while lithium carbonate prices began to rise steadily due to solid fundamentals, including strong demand. As lithium chemicals rose, the lithium payables for ternary and LCO black mass increased slightly, while discount coefficients for nickel and cobalt remained stable. For LFP black mass, prices per % lithium rose this week in line with higher lithium chemical prices. Taking LFP pole piece black mass as an example, current prices are 2,900-3,100 yuan/mtu, up 150 yuan/mtu WoW. For ternary black mass, the nickel and cobalt payables currently stand at 75.5-76%, flat WoW, while lithium payables rose to 71-74% MoM. On the profit side, externally purchased LFP black mass used in lithium carbonate production continued to incur losses, with profit margins ranging from -5% to 6%. Except for several newly commissioned LFP battery hydrometallurgy recycling plants this year, most LFP recycling enterprises have production lines capable of processing other raw materials to produce lithium carbonate. Therefore, even as lithium carbonate prices improved, many companies chose to halt purchasing and production in the face of losses. Similarly, in the ternary hydrometallurgy sector, profits hovered around 1-3%. In the LCO hydrometallurgy sector, as cobalt prices continued to rise, driving up cobalt payables for upstream and downstream recycling companies, profits recently declined to around 1-3%. Supply side, following the price increases in nickel, cobalt, and lithium, upstream recyclers quickly raised prices for batteries and pole pieces, including LCO and LFP types, with black mass prices also increasing to some extent. Despite ongoing losses, most companies adopted a wait-and-see approach, with many LFP hydrometallurgy plants maintaining toll processing for Business clients.

• Spot Silicon Metal Low-Price Center Slightly Edged Up, Focus on Market Trading Sentiment [SMM Silicon Industry Weekly Review]

  [Silicon Metal Low-Price Center Edged Up; Focus on Market Trading Sentiment]: This week, spot silicon metal prices edged up WoW. As of October 30, SMM oxygen-blown #553 silicon in east China was at 9,400-9,500 yuan/mt, up 100 yuan/mt WoW; #441 silicon was at 9,600-9,700 yuan/mt, up 50 yuan/mt WoW; #421 silicon (used in silicone) was at 9,800-10,200 yuan/mt, flat WoW. In the futures market, the most-traded SI2601 contract fluctuated upward this week, with a weekly high of 9,295 yuan/mt and a low of 8,930 yuan/mt. It closed at 9,155 yuan/mt on Thursday, up 235 yuan/mt from last Friday. In terms of trading, recent futures price strength, coupled with the contract rollover, led trading firms engaging in both spot and futures markets to offer at notably higher absolute prices than before. Some silicon enterprises showed smaller price fluctuations, making their offers more competitive.

• BC Copper 2511 closed lower, falling 0.27% as the US dollar index remained firm, putting copper prices under pressure [SMM BC Copper Review]

• [SMM Chrome Daily Review] Ferrochrome Market Generally Stable with Slight Fall, Chrome Ore Transactions Remain Weak

  [SMM Chrome Daily Review: Ferrochrome Market Generally Stable with Slight Fall, Chrome Ore Trading Remained Weak] October 30, 2025: The ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,200-8,400 yuan/mt (50% metal content) today, flat MoM from the previous trading day...