Last week, the payables for NCM ternary black mass and cobalt-based black mass remained stable. Specifically, the payables for NCM ternary battery powder stood at 73%75%, while that for NCM ternary cathode scrap powder was 77%79%. For LCO (lithium cobalt oxide) materials, the cobalt-salt payables for battery powder was 72%73%, and 78%79% for cathode scrap powder. The lithium-point prices of LFP black mass continued to trend weak. With lithium carbonate prices remaining under pressure, this continues to pose the most significant risk to the current black mass market. In addition, the expanding capacity for physical recycling continues to compete for high-quality LFP scrap feedstock.