Fastmarkets unveils eight new black mass prices

Fastmarkets, a definitive resource for decision-makers in the battery recycling industry, launched eight new black mass prices at its European Battery Raw Materials Conference in Amsterdam today. This expansion cements Fastmarkets’ position as a leading price reporting agency (PRA) in the battery raw materials space, offering a comprehensive suite of black mass payable indicators across Europe, Southeast Asia and South Korea.

The new launches follow Fastmarkets’ successful roll-out of payables for CIF South Korea NCM/NCA black mass in May 2023. The new expansion this week means Fastmarkets increases its 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 materials such as nickel, cobalt and lithium, which may be recovered by processors and extracted into recycled battery raw materials.

Creating a transparent price for black mass will incentivize its collection and processing, which will, in turn, reduce waste and the environmental burden of mining these critical and finite resources, lowering the industry’s carbon footprint. As demand for electric vehicles and renewable energy storage grows, the black mass market will grow exponentially. As mentioned in the Fastmarkets Battery Recycling Outlook, we expect black mass volumes to increase by around 1.7 million tonnes over the next 10 years.

“Fastmarkets is continually innovating to meet the evolving demands of a rapidly growing market,” said Lee Allen, strategic markets editor for scrap and black mass pricing specialist at Fastmarkets. “Our extension into the black mass market with eight new prices, which include payables for both NCM and LCO chemistries, is a testament to our commitment to providing our clients with the most accurate, transparent and comprehensive pricing information.”

The new prices, which will be published weekly, are designed to address the burgeoning demand for broader coverage across Asia and Europe, shedding light on a nascent market tied to the booming battery raw materials sector. With Fastmarkets’ robust methodology and industry expertise, the company is confident in leading the way in shaping the future of this market.

The eight new prices will be published from Wednesday, September 20, 2023. The lithium and cobalt payables will be calculated as a percentage of Fastmarkets’ benchmark prices for these materials, while the nickel payable will be calculated as a percentage of the LME price:

• MB-BMS-0004 Black mass, NCM/NCA, payable indicator, nickel, domestic, exw Europe, % payable LME Nickel cash official price
• MB-BMS-0005 Black mass, NCM/NCA, payable indicator, cobalt, domestic, exw Europe, % payable Fastmarkets’ standard-grade cobalt price (low-end)
• MB-BMS-0006 Black mass, LCO, payable indicator, cobalt, domestic, exw Europe, % payable Fastmarkets’ standard-grade cobalt price (low-end)
• MB-BMS-0007 Black mass, NCM/NCA, payable indicator, nickel, cif Southeast Asia, % payable LME Nickel cash official price
• MB-BMS-0008 Black mass, NCM/NCA, payable indicator, cobalt, cif Southeast Asia, % payable Fastmarkets’ standard-grade cobalt price (low-end)
• 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
• MB-BMS-0010 Black mass, LCO, payable indicator, cobalt, cif South Korea, % payable Fastmarkets’ standard-grade cobalt price (low-end)
• 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

These new prices will complement Fastmarkets’ three existing prices, also published weekly:

• 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

Fastmarkets’ new prices build on its existing benchmarks in cobalt and lithium, providing consistency for clients by being one of the go-to PRAs for payables and underlying prices. The company’s commitment to transparency, accuracy and comprehensive pricing information empowers clients to make informed decisions, navigating the exciting new frontier of the black mass market.

Reflecting on the launch, Raju Daswani, CEO of Fastmarkets, said: “As the only PRA offering comprehensive coverage across all three of the key markets of South Korea, Southeast Asia, and Europe, our expansion into the black mass market is more than just an expansion of our services. It signifies our pledge to keep pace with the needs of the rapidly growing battery materials market, and it underscores our commitment to promoting circular economies and sustainability, aligning with global efforts towards a greener future.”