Core Viewpoint - The rising prices of ternary waste materials are driving a recovery in the battery recycling industry [1] Group 1: Price Trends - Ternary waste material prices have seen continuous increases, with price hikes ranging from hundreds to thousands of yuan [2] - As of March 28, the prices for scrapped ternary batteries have risen, with specific increases of 400 yuan/ton for square shell batteries and 550 yuan/ton for soft-pack batteries [2] - The price of scrapped ternary pole pieces has reached 46,000 - 48,150 yuan/ton, while ternary pole piece powder fluctuates between 52,400 - 54,900 yuan/ton, and ternary battery powder is priced at 32,850 - 35,250 yuan/ton [2] - Cobalt prices have increased by over 60% since mid-February, and nickel prices have risen by more than 5% in the first quarter of this year [2] Group 2: Market Reactions - Holders of ternary waste materials are generally reluctant to sell, anticipating further price increases for metal salts, leading to reduced actual circulation of ternary waste materials and exacerbating supply tightness [3] - Downstream recycling companies are cautious despite the potential for increased profit margins due to rising raw material prices, as rapid price fluctuations pose significant risks [3] - Some recycling companies prefer to consume existing inventory rather than procure new materials to mitigate uncertainties from price volatility [3] Group 3: Industry Outlook - The increase in waste material prices is beneficial for the battery recycling industry, allowing legitimate recycling companies to acquire waste at more reasonable prices and attract more used batteries into formal channels [3] - The battery recycling market requires deeper commercial model support, as issues related to sourcing, channels, scale, equipment, and technology still hinder the industry's development [4] - The potential for the battery recycling market is significant, especially with the anticipated wave of retired power batteries around 2027, but the industry is still in its early stages of growth [4] - Challenges such as technical standards, business models, and regulatory policies need to be addressed collaboratively to resolve existing issues in the battery recycling industry [4]