Lee Allen

The North American battery recycling sector approaches the Las Vegas conference after another bruising twelve months of supply challenges and bankruptcies. Since the previous Fastmarkets showpiece in Sin City, Quebec-based Lithion Technologies entered creditor protection in November 2025, while Massachusetts-headquartered Ascend Elements filed for Chapter 11 bankruptcy in April of this year.

Key takeaways: Regulation is accelerating near-term oversupply: China’s April 1 recycling framework is prompting informal operators to liquidate black mass, pushing more recycled cobalt units into the market and weakening payables. Recycled cobalt sulfate is resetting the price floor: Cheaper scrap-fed sulfate (as low as ~81,000 yuan/t) is undercutting hydroxide-based production, eroding margins and displacing primary-feedstock material from spot activity.

Key takeaways: Steel supply chains in the Gulf remain severely disrupted, with raw‑material shortages, high freight costs and logistical uncertainty persisting despite ceasefire reports. Rebar prices have risen sharply and further increases are expected, as production cuts and tighter DRI availability strain supply. Mills’ shift toward scrap is pushing scrap prices to record highs, raising costs and creating additional supply pressure across Saudi Arabia and the wider GCC.