Launch of Europe, additional Asia black mass payable assessments

The new prices come in response to growing demand for broader coverage across Asia and Europe, and for further transparency of the booming battery raw materials sector.

Fastmarkets research team has forecast black mass volumes to increase by around 1.7 million tonnes over the next 10 years. South Korea and Southeast Asia are key importers of this material, purchasing from regions such as Europe, North America and South Asia.

The EU domestic market for black mass is developing steadily amid incoming recycling targets for battery raw materials and restrictions on the export of material in the form of hazardous waste classifications. Although the EU domestic market does not currently pay for lithium in black mass, Fastmarkets is watching the space with interest and is ready to react once lithium value is paid in the local market.

The eight new black mass prices will be assessed and published weekly, with the lithium and cobalt payables calculated as a percentage of Fastmarkets benchmark prices for these materials, while the nickel payable will be calculated as a percentage of the London Metal Exchange price.

The price specifications are as follows:

MB-BMS-0004 Black mass, NCM/NCA, payable indicator, nickel, domestic, exw Europe, % payable LME Nickel cash official price
Quality: Nickel and cobalt-rich black mass composed with metal content of 15-25% nickel, 5-15% cobalt, 3-5% lithium, max 6% aluminium, max 2%
copper. Minimum total cobalt and nickel content of 20%.
Quantity: min one truckload
Location: ex works EU producer
Timing: 45 days
Unit: % payable of LME Nickel Cash Official price
Payment terms: Letter of credit
Publication: Weekly, Wednesdays 4pm UK time

MB-BMS-0005 Black mass, NCM/NCA, payable indicator, cobalt, domestic, exw Europe, % payable Fastmarkets’ standard-grade cobalt price (low-end)
Quality: Nickel and cobalt-rich black mass composed with metal content of 15-25% nickel, 5-15% cobalt, 3-5% lithium, max 6% aluminium, max 2%
copper. Minimum total cobalt and nickel content of 20%.
Quantity: min one truckload
Location: ex works EU producer
Timing: 45 days
Unit: % payable of Fastmarkets’ standard-grade cobalt price (low-end)
Payment terms: Letter of credit
Publication: Weekly, Wednesdays 4pm UK time

MB-BMS-0006 Black mass, LCO, payable indicator, cobalt, domestic, exw Europe, % payable Fastmarkets’ standard-grade cobalt price (low-end)
Quality: High-cobalt black mass composed with metal content of 20-30% cobalt, 3-5% lithium, max 6% aluminium, max 2% copper.
Quantity: min one container load
Location: ex works EU producer
Timing: 45 days
Unit: % payable of Fastmarkets’ standard-grade cobalt price (low-end)
Payment terms: Letter of credit
Publication: Weekly, Wednesdays 6-7pm Singapore time

MB-BMS-0007 Black mass, NCM/NCA, payable indicator, nickel, cif Southeast Asia, % payable LME Nickel cash official price
Quality: Nickel and cobalt-rich black mass composed with metal content of 15-25% nickel, 5-15% cobalt, 3-5% lithium, max 6% aluminium, max 2% copper. Minimum total cobalt and nickel content of 20%.
Quantity: min one container load
Location: Cost insurance and freight (CIF) main ports, Southeast Asia.
Timing: 45 days
Unit: % payable of LME Nickel Cash Official price
Payment terms: Letter of credit
Publication: Weekly, Wednesdays 6-7pm Singapore time
Notes: Material must be dried and free-flowing

MB-BMS-0008 Black mass, NCM/NCA, payable indicator, cobalt, cif Southeast Asia, % payable Fastmarkets’ standard-grade cobalt price (low-end)
Quality: Nickel and cobalt-rich black mass composed with metal content of 15-25% nickel, 5-15% cobalt, 3-5% lithium, max 6% aluminium, max 2% copper. Minimum total cobalt and nickel content of 20%.
Quantity: min one container load
Location: Cost insurance and freight (CIF) main ports, Southeast Asia.
Timing: 45 days
Unit: % payable of Fastmarkets’ standard-grade cobalt price (low-end)
Payment terms: Letter of credit
Publication: Weekly, Wednesdays 6-7pm Singapore time
Notes: Material must be dried and free-flowing

MB-BMS-0009 Black mass, NCM/NCA, payable indicator, lithium, cif Southeast Asia, % payable Fastmarkets’ lithium carbonate 99.5% Li2CO3 min, battery grade, spot prices cif China, Japan & Korea
Quality: Nickel and cobalt-rich black mass composed with metal content of 15-25% nickel, 5-15% cobalt, 3-5% lithium, max 6% aluminium, max 2% copper. Minimum total cobalt and nickel content of 20%.
Quantity: min one container load
Location: Cost insurance and freight (CIF) main ports, Southeast Asia
Timing: 45 days
Unit: % payable of Fastmarkets’ lithium carbonate 99.5% Li2CO3 min, battery grade, spot prices cif China, Japan & Korea
Payment terms: Letter of credit
Publication: Weekly, Wednesdays 6-7pm Singapore time
Notes: Material must be dried and free-flowing

MB-BMS-0010 Black mass, LCO, payable indicator, cobalt, cif South Korea, % payable Fastmarkets’ standard-grade cobalt price (low-end)
Quality: High-cobalt black mass composed with metal content of 20-30% cobalt, 3-5% lithium, max 6% aluminium, max 2% copper.
Quantity: min one container load
Location: Cost insurance and freight (CIF) main ports, South Korea
Timing: 45 days
Unit: % payable of Fastmarkets’ standard-grade cobalt price (low-end)
Payment terms: Letter of credit
Publication: Weekly, Wednesdays 6-7pm Singapore time
Notes: Material must be dried and free-flowing

MB-BMS-0011 Black mass, LCO, payable indicator, lithium, cif South Korea, % payable Fastmarkets’ lithium carbonate 99.5% Li2CO3 min, battery grade, spot prices cif China, Japan & Korea
Quality: High-cobalt black mass composed with metal content of 20-30% cobalt, 3-5% lithium, max 6% aluminium, max 2% copper.
Quantity: min one container load
Location: Cost insurance and freight (CIF) main ports, South Korea.
Timing: 45 days
Unit: % payable of Fastmarkets’ lithium carbonate 99.5% Li2CO3 min, battery grade, spot prices cif China, Japan & Korea
Payment terms: Letter of credit
Publication: Weekly, Wednesdays 6-7pm Singapore time
Notes: Material must be dried and free-flowing

These prices will be a part of the Fastmarkets Minor Metals Physical, Industry Minerals Physical and Base Metals Physical price packages

The new launches follow Fastmarkets’ successful roll-out of black mass payables for CIF South Korea NCM/NCA black mass in May 2023.

MB-BMS-0001 Black mass, NCM/NCA, payable indicator, nickel, cif South Korea, % payable LME Nickel cash official price

MB-BMS-0002 Black mass, NCM/NCA, payable indicator, cobalt, cif South Korea, % payable Fastmarkets’ standard-grade cobalt price (low-end)

MB-BMS-0003 Black mass, NCM/NCA, payable indicator, lithium, cif South Korea, % payable Fastmarkets’ lithium carbonate 99.5% Li2CO3 min, battery grade, spot prices cif China, Japan & Korea

The new expansion brings Fastmarkets’ number of black mass payables to a total of 11 prices.

Black mass refers to the remains of a battery pack after it is shredded and processed. Depending on the type of battery being treated, it may contain volumes of nickel, cobalt and lithium, which can be recovered by processors.

If you would like to provide price information by becoming a data submitter to these assessments, please contact Lee Allen by email at: pricing@fastmarkets.com. Please add the subject heading: “FAO: Lee Allen re: black mass payable indicators Europe/Southeast Asia.” Please indicate if comments are confidential. Fastmarkets will consider all comments received and will make comments not marked as confidential available upon request.

To see all Fastmarkets’ pricing methodology and specification documents, go to https://www.fastmarkets.com/about-us/methodology.