Last week, the prices of waste lithium-ion batteries remained stable, with normal market transactions. The total volume of retired batteries continued to release slowly, and the supply of spent battery raw materials in the market was partially replenished. Currently, the operating rate of black mass producers has increased slightly. However, overall raw material replenishment remained tight, prompting active efforts to seek toll-processing business. The circulation of cobalt-based scrap batteries slowed, with holders stockpiling inventories.