Amid falling prices of lithium carbonate, cobalt sulfate, and nickel sulfate, coupled with downward adjustments in payables, prices for NCM ternary black mass and cobalt-based black mass declined last week. LCO battery powder was quoted at Yuan 110,550118,900/tonne, while the cobalt salt payables dropped from 80% to 77.5%. NCM electrode powder was quoted at Yuan 95,00099,450/tonne, with its payable revised downward from 78.8% to 77.8%. End-user demand remained weak, and hydrometallurgical plants operated at low capacity, procuring materials largely on a need-to-order basis, resulting in few concluded transactions.