The current state of the lithium battery recycling and disposal industry?

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①The rapid development of new energy vehicles has resulted in a huge amount of lithium battery retirements. The service life of lithium iron phosphate batteries is generally around 5 years, and the service life of ternary batteries is generally 6 years. Based on this projection, the new energy power batteries put into the market in the early stage have started to enter the retirement period. It is expected that in 2024, the cumulative amount of power battery scrap will reach 1.16 million tons.
②The price of raw materials climbed rapidly, and Bump's gross margin improved significantly in the third quarter. Battery grade lithium carbonate rose from 40,000 yuan/tonne in the same period last year to the current 200,000 yuan/tonne, and ternary precursors (523 for example) rose from 80,000 yuan/tonne to the current 130,000 yuan/tonne. In addition to the layout of upstream nickel and lithium mines, recycling is also an important way. According to Bump's environmental assessment book, 100,000 tons of treatment of used batteries project can produce 36,000 tons of ternary precursors and 7,000 tons of lithium carbonate. At the same time, Ningde 21Q3 lithium materials gross margin of 25%, 21H1 at 21%, 20 years at 20%, gross margin improvement or have the impact of recycling in it.
③ From a short-term perspective, the recycling industry can enjoy high performance elasticity due to the high price of lithium carbonate. And in the medium to long term, the competition of recycling lies in the channel + recycling technology. The recycling channel determines the source of raw materials and the cost of raw materials, and the recycling technology determines the processing cost. Recovery rate: The recovery rate of nickel and cobalt is generally 98%-99%, and the recovery rate of lithium is around 70%.

Recovery profit: 1) Selling price: Nickel-cobalt and lithium carbonate are sold at market price;
2) Costs: raw materials + processing costs, raw material costs are also the pricing of the recycled raw materials mentioned above, processing costs are generally at 20,000 yuan/ton. Nickel and cobalt recycling gross margin is generally at 20% +, while lithium is not priced in the ternary battery (counting the nickel and cobalt discount factor, not counting the lithium end cost). Therefore only 20,000 yuan/tonne of processing costs, lithium carbonate prices are currently 200,000 yuan/tonne, taking into account certain expense ratios, lithium carbonate single tonne net profit of 100,000 yuan +.