Launch of NCM cathode black powder payables, CIF China: pricing notice

Fastmarkets launches payables indicators for nickel cobalt manganese (NCM) cathode black powder, CIF China, on Wednesday May 13.

This launch comes following significant demand from Fastmarkets subscribers for increased transparency around prices for higher-grade battery recycling raw materials, given rising spot trading volumes.

These new prices are the first of their kind, believed to be the world’s only prices for NCM battery recycling raw materials specifically and exclusively covering the newly-opened CIF China import market.

The material, typically known as ‘black powder’, is a shredded, high-purity cathode scrap material typically containing no anode.

It therefore produces a high-purity, free-flowing powdered material containing higher cathode metals contents than Fastmarkets’ existing black mass pricing suite.

While Fastmarkets’ specifications for NCM black mass stipulate nickel content of 15-25%, the nickel content in NCM cathode black powder often exceeds 40%.

NCM black powder is now being imported in large volumes to the Chinese market because its high quality can satisfy China’s strict import standards which were imposed in August 2025 after imports of such recycling raw materials were legalized.

China has by far the world’s largest capacity for battery recycling, with around 70% of global black mass and powder capacity in 2026, according to Fastmarkets research estimates. But average capacity utilization languishes below 30% due to insufficient local volumes of the materials, according to market sources.

This has driven Chinese recyclers to purchase greater volumes of black mass and powder on the newly opened import market.

As of the of end 2025, China had imported 262 batches of recycled black mass or black powder, totalling approximately 28,000 tonnes with a value of 1.26 billion yuan ($185 million), according to official Chinese statistics.

China’s import standards stipulate the black mass contains a combined minimum of 25% nickel and cobalt, lithium at a minimum of 3.5%, and water-soluble fluoride at a maximum of 0.4%.

NCM cathode black powder more accurately matches the “grade 1” specification under Chinese standards, which stipulate a minimum lithium content of 6% and a combined 45% minimum for nickel and cobalt.

The material is transported to China either as direct imports from origins such as South Korea, or by passing through traders or processors in Southeast Asia before reaching its destination, according to market participants.

Import market participants typically pay for the material using payables of LME nickel and Fastmarkets’ cobalt standard grade in-whs Rotterdam, according to sources, with no separate lithium payable.

The specifications for the new prices are as follows:

MB-BMS-0020 – Cathode black powder, NCM, high-nickel, payable indicator, nickel, cif China, % payable LME Nickel cash official price
Quantity: Min one container load
Incoterm: Cost insurance and freight (CIF)
Location: Main ports, China
Specification: High-nickel NCM cathode black powder produced from production scrap composed with metal content of 40-50% nickel, 5-20% cobalt, 6-8% lithium, max 1% aluminium, max 1% copper, max 0.4% water-soluble fluoride.
Unit and currency: % payable of LME Nickel Cash Official price
Delivery period: 45 days
Data window: One week
Frequency: Weekly, Wednesday 7pm China time
Payment terms: Cash, letter of credit, bank transfer
Notes: Material must meet Chinese standard GB/T 45203-2024 Black Mass for lithium-ion battery recycling. Must be dried and free-flowing. Can accept datapoints for material in-spec on a CIF Southeast Asia basis with normalization at times of low liquidity.

MB-BMS-0021 – Cathode black powder, NCM, high-nickel, payable indicator, cobalt, cif China, % payable Fastmarkets’ standard-grade cobalt price (low-end)
Quantity: Min one container load
Incoterm: Cost insurance and freight (CIF)
Location: Main ports, China
Specification: High-nickel NCM cathode black powder produced from production scrap composed with metal content of 40-50% nickel, 5-20% cobalt, 6-8% lithium, max 1% aluminium, max 1% copper, max 0.4% water-soluble fluoride.
Unit and currency: % payable of Fastmarkets’ standard grade cobalt price (low-end)
Delivery period: 45 days
Data window: One week
Frequency: Weekly, Wednesday 7pm China time
Payment terms: Cash, letter of credit, bank transfer
Notes: Material must meet Chinese standard GB/T 45203-2024 Black Mass for lithium-ion battery recycling. Must be dried and free-flowing. Can accept datapoints for material in-spec on a CIF Southeast Asia basis with normalization at times of low liquidity.

To provide feedback on these prices please email pricing@fastmarkets.com and  metalsrecycling@fastmarkets.com. Please add the subject heading “Re: black cathode powder 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 the Fastmarkets methodology page.