On the supply-demand side, the waste feedstock segment showed a strong lithium, stable nickel and cobalt pattern. Recyclers' earlier sustained production cuts tended to stabilize, but some maintenance-hit enterprises had still not resumed production, and the supply contraction had not yet reversed in tandem with the recovery in inquiries. Downstream cathode plants maintained only modest inventories and basically kept to supply-guarantee levels. Precursor production schedules fell markedly in November, and weak cell demand kept all segments actively destocking. In terms of transactions, market inquiry activity picked up somewhat, but actual concluded transactions remained restrained. LFP pulverizing enterprises showed greater inquiry enthusiasm, but high cost pressure constrained transactions, hydromet plant payables did not follow upward, and overall trading was flat. Ternary black mass transactions remained normal.