Launch of China EV battery scrap, black mass prices

These new prices will complement Fastmarkets’ extensive suite of black mass payables indicators and prices across Asia, Europe and North America.

The new launches take Fastmarkets’ total offering of black mass payables indicators and prices for black mass and EV battery scrap to 21 assessments.

China is the world’s largest lithium-ion battery recycler, with more than two-thirds of global capacity to both produce and consume black mass, according to Fastmarkets’ research data.

The Asian powerhouse’s market for black mass and battery scrap is a largely insular and domestic environment, given that imports of both materials are banned to the country.

But China’s implementation of a national standard for black mass in July 2025 will professionalize the country’s trade and open the door for a legalization of imports of black mass, according to market participants, albeit with strict standards on metal content and impurities.

Following market consultation, Fastmarkets has decided to launch prices for both battery scrap and black mass in the China local market to provide greater insight into the supply chain for these critical materials.

The prices cover both nickel cobalt manganese (NCM) and lithium iron phosphate (LFP) materials, which are the two dominant battery chemistries used in Chinese EVs.

Fastmarkets’ new ddp China NCM black mass payables are assessed as percentages of metal salts prices for nickel sulfate, cobalt sulfate and lithium carbonate, which is the preferred payable calculation method among participants in the country’s local market.

Outside of China, the dominant black mass payment method uses payables of the LME nickel cash official price, Fastmarkets’ cobalt standard grade low-end in warehouse Rotterdam price and, in the case of using a lithium payable, Fastmarkets’ lithium carbonate spot battery cif China Japan and Korea price – which is converted to lithium metal in the calculation.

Surging LFP battery production in China means that LFP black mass will make up 31% of global black mass supply by 2031, from 22% in 2024, according to Fastmarkets’ research data.

Typical lithium content in LFP black mass is in the range of 2-3%, according to market participants, with one consumer source noting that it rarely sees material above 2.7% of lithium in China. LFP high-grade black powder is generally heard to contain 3.8% lithium content or above.

China’s upcoming national standards will call for lithium content in LFP of more than 2% for black mass (Grade 2) and more than 4% lithium for LFP high-grade black powder (Grade 1).

The specifications for the new prices are as follows:

MB-BMS-0016 Black mass, NCM, payable indicator, nickel, ddp China, % payable Fastmarkets’ nickel sulfate min 21%, max 22.5%; cobalt 10ppm max, exw China
Quality: Nickel and cobalt-rich black mass composed with metal content of 15-25% nickel, 5-10% cobalt, 3-5% lithium. Minimum total cobalt and nickel content of 20%.
Quantity: min one truckload
Location: delivered duty paid Chinese consumer
Timing: 45 days
Unit: % payable of Fastmarkets’ nickel sulfate min 21%, max 22.5%; cobalt 10ppm max exw China, yuan per tonne
Payment terms: Cash, Letter of credit
Publication: Weekly, Thursdays 6pm China time.

MB-BMS-0017 Black mass, NCM, payable indicator, cobalt, ddp China, % payable Fastmarkets’ cobalt sulfate 20.5% Co basis, exw China
Quality: Nickel and cobalt-rich black mass composed with metal content of 15-25% nickel, 5-10% cobalt, 3-5% lithium. Minimum total cobalt and nickel content of 20%.
Quantity: min one truckload
Location: delivered duty paid Chinese consumer
Timing: 45 days
Unit: % payable of Fastmarkets’ cobalt sulfate 20.5% Co basis, exw China
Payment terms: Cash, Letter of credit
Publication: Weekly, Thursdays 6pm China time.

MB-BMS-0018 Black mass, NCM, payable indicator, lithium, ddp China, % payable Fastmarkets’ lithium carbonate 99.5% Li2CO3 min, battery grade, spot price range, exw domestic China
Quality: Nickel and cobalt-rich black mass composed with metal content of 15-25% nickel, 5-10% cobalt, 3-5% lithium. Minimum total cobalt and nickel content of 20%.
Quantity: min one truckload
Location: delivered duty paid Chinese consumer
Timing: 45 days
Unit: % payable of Fastmarkets’ lithium carbonate 99.5% Li2CO3 min, battery grade, spot price range, exw domestic China, yuan per tonne
Payment terms: Cash, Letter of credit
Publication: Weekly, Thursdays 6pm China time.

MB-BMS-0019 Black mass, LFP, ddp China, yuan per % lithium
Quality: Lithium iron phosphate (LFP) black mass containing 2-3% lithium.
Quantity: min one truckload
Location: delivered duty paid Chinese consumer
Timing: 45 days
Unit: Chinese yuan per % of lithium contained
Payment terms: Cash, Letter of credit
Publication: Weekly, Thursdays 6pm China time.

MB-LBS-0001 Lithium-ion battery scrap, NCM, end of life, prismatic, exw China, yuan per tonne
Quality: Prismatic end-of-life lithium-iron battery scrap of nickel cobalt manganese (NCM) chemistry. Casing must be aluminium, not steel.
Quantity: min one truckload
Location: ex-works China
Timing: 45 days
Unit: Chinese yuan per tonne
Payment terms: Cash, Letter of credit
Publication: Weekly, Thursdays 6pm China time.

MB-LBS-0002 Lithium-ion battery scrap, LFP, end of life, prismatic, exw China, yuan per tonne
Quality: Prismatic end-of-life lithium-iron battery scrap of lithium iron phosphate (LFP) chemistry. Casing must be aluminium, not steel.
Quantity: min one truckload
Location: ex-works China
Timing: 45 days
Unit: Chinese yuan per tonne
Payment terms: Cash, Letter of credit
Publication: Weekly, Thursdays 6pm China time.

These prices will be part of the Fastmarkets base metals, minor metals and Industrial Minerals packages.

To provide feedback on these prices, or if you would like to provide price information by becoming a data submitter to these prices, please contact Tianran Zhao by email at: pricing@fastmarkets.com. Please add the subject heading “FAO: Tianran Zhao re: China EV scrap and black mass prices.”

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/methodology.