Decision to launch US black mass payable indicators, amendment to specifications

The first assessments of these US black mass payable indicators will be published at 4:00-5:00pm EST on that date.

The consultation period began on Monday June 24. The original notice for that process can be found here.

Following market feedback gathered as part of the consultation process, Fastmarkets has decided to amend the specifications of the payable indicators to accurately reflect the maximum contaminant threshold acceptable for material traded in the US market.

Fastmarkets understands that market participants will specify maximum acceptable quantities of iron within black mass, in addition to fluorine, copper and aluminium, and will reflect this in its launched payables.

The amended specifications will be as follows (amendments in italics):

Black mass, NCM/NCA, payable indicator, nickel, domestic, exw USA, % payable LME Nickel cash official price
Quality: Nickel and cobalt-rich black mass composed with metal content of 15-25% nickel, 3-13% cobalt, max 2% aluminium, max 2% copper, max 5% fluorine, max 1% iron
Quantity: min 1 tonne
Location: Ex-works United States
Unit: % payable of LME nickel cash price
Payment terms: Letter of credit, current price month
Timing: 45 days
Publication: Weekly
Notes: Total cobalt and nickel content to be 18-38% min/max.

Black mass, NCM/NCA, payable indicator, cobalt, domestic, exw USA, % payable Fastmarkets’ standard-grade cobalt price (low-end)
Quality: Nickel and cobalt-rich black mass composed with metal content of 15-25% nickel, 3-13% cobalt, max 2% aluminium, max 2% copper, max 5% fluorine, max 1% iron
Quantity: min 1 tonne
Location: Ex-works United States
Unit: % payable of Fastmarkets’ standard-grade cobalt price, in whs Rotterdam (low-end)
Payment terms: Letter of credit, current price month
Timing: 45 days
Publication: Weekly
Notes: Total cobalt and nickel content to be 18-38% min/max.

These assessments will form part of Fastmarkets’ Minor Metals Physical, Industry Minerals Physical, and Base Metals Physical price packages.

To provide feedback on these prices, or to become a data submitter to these assessments, please contact Kirstyn Petras at pricing@fastmarkets.com. Please add the subject heading: “FAO: Kirstyn Petras re: US black mass payable indicators.”

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.