The price game of nickel cathode recycling market in 2025 is directly reflected in the raw material procurement side. Wet process plant's intended procurement price of high nickel coefficient for ternary pole piece powder is stable in the range of US$10.5-11, while powdering plant and traders are supported by cost, insisting on the offer of US$11.5-12, forming a price difference of hundreds of dollars per ton. Despite the negative nickel price, most of the nickel cathode recycling enterprises maintain price-holding mentality by virtue of the inventory buffer and the expectation of production preparation, and only a few wet mills accept high-priced nickel cathodes black powder in order to maintain low-flow operation. The core contradiction of the current nickel cathode recycling price lies in the divergence of the downstream on the nickel price trend - bearish sentiment inhibits short-term gains, but emerging demand such as hydrogen storage alloy (e.g., Honda hydrogen storage tank nickel-cobalt alloy program) is providing support for long-term nickel cathode recycling price. Actual transactions need to match the metal spot float, for example, nickel alloy recycling needs on-site inspection and pricing, nickel cathode recycling services have formed a mature face-to-face negotiation mechanism.
Competitive ligand solvent technology: The ternary deep eutectic solvents (DESs) developed by the DONGSHENG Precious Metal Recycling team cracked the problem of low mass transfer efficiency under high solid-liquid ratio by introducing p-toluenesulfonic acid as a competitive ligand. The technology improves the nickel leaching rate by 40%, the purity of nickel oxalate precipitation reaches 95.9%, and the profit of nickel cathode recycling reaches 6.1 USD/kg raw material and reduces the reagent consumption by 20%.
Water-based ultrasonic stripping technology: The high-frequency swept ultrasound (170kHz) developed in Japan for nickel cathode recycling achieves 99% cathodes material stripping in 30 seconds, with aluminum impurities controlled below 0.02wt%, reducing costs by 60% and carbon emissions by 85% compared with the traditional organic solvent method. It is especially suitable for direct regeneration of manufacturing scrap and safeguarding the integrity of nickel cathodes crystal structure.
Closed-loop regeneration trend: Honda's closed-loop process of nickel cathode recycling converts waste battery cathodes into nickel-cobalt alloy, with a nickel recycling rate of 99.7%, which is used for the production of metal hydride for hydrogen storage tanks; Nintime's DRT technology achieves a 95% metal regeneration rate through the integrated process of “Minerals-Materials-Recycling” and the Indonesian base handles 20,000 tons of waste batteries per year. The Indonesia base handles 20,000 tons of waste batteries annually.
Power battery field: ternary lithium battery (NCM811/NCM622, etc.) pole piece powder, black powder is the mainstream recycling source, VinFast has commissioned BatX Energie to deal with the high-voltage battery nickel cathode in the Indian plant.
Industrial waste category: Electroplating nickel slag, nickel catalyst, nickel clay flakes, nickel-containing milling cutters, etc. Electronic factory waste can be purified by hydrometallurgy, and nickel cathode recyclers price nickel sludge according to nickel points (e.g. 15% nickel content at a premium of $60 per ton).
Emerging Recycling Scenarios: 1. Battery Manufacturing Trimmings (Prioritized for Water-Based Ultrasonic Technology); 2. Stainless Steel Mill Nickel Slag (Separated from FeNi by DESs); 3. Hydrogen Storage Alloy Retirement Parts (Honda Nickel-Lanthanum-Cerium Alloy Closed Loop Upgrade).
> Nickel cathode recycling price volatility by inventory strategy hedge, nickel cathode recycling technology by solvent and sonic breakthrough bottleneck.
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