Benchmark begins public consultation on splitting out its EXW China, CIF Asia, EXW North America and EXW Europe black mass payables into black mass and black powder

Benchmark Mineral Intelligence announced today that it has started a formal public consultation on changes to its Black Mass Price Assessment Methodology.

Black Mass and Black Powder Distinction

Benchmark plans to split out the majority of its existing black mass payable indices into black mass and black powder subcategories. The current methodology separates black mass by chemistry of the feedstock (NCM, LCO and LFP), whilst grouping together black mass and black powder intermediates.

Benchmark has observed a notable payable delta of approximately 20% between the output derived from shredded packs, modules, cells, and jelly roll, containing cathode and anode material, versus the purer output derived from the process of shredding higher grade production scrap (e.g. cathode foil), containing solely cathode material. Herein Benchmark proposes referring to the former as ‘black mass’ and the latter as ‘black powder’, an increasingly prominent distinction used to distinguish the differing grades of output from the pre-treatment stage of battery recycling.

Therefore, Benchmark has begun consultation on separating its suite of black mass indices into black mass and black powder product categories within its recycling market coverage across all incoterms and the majority of chemistries.

North American LCO Black Mass and EXW Europe LCO Black Mass

Benchmark does not plan to split out the EXW North America LCO black mass price grade given the lack of liquidity for LCO black powder in this region due to the absence of localised LCO cell production. However, the existing black mass grade will transition into the updated narrower black mass specification range outlined in the definitions below.

Additionally, Benchmark will launch an EXW Europe LCO black mass price grade to expand its vast coverage of the global black mass spot market.

Quality Specifications

Following feedback and discussion with several market participants, Benchmark proposes the following metal content thresholds to define the updated price grade suite in all regions:

Valuable metal thresholds

• NCM Black Mass: Ni 14.0-25.0%, Co 3.0-8.0%, Mn 3.0-10.0%, Li 2.0-4.0%

• NCM Black Powder: Ni 40.0-55.0%, Co 3.0-15.0%, Mn 3.0-15.0%, Li 4.5-7.0%

• LCO Black Mass: Co 18.0-28.0%, Li 2.0-4.0%

• LCO Black Powder: Co 40.0-55.0%, Li 5.5-7.0%

• LFP Black Mass: Li 2.0-4.0%

• LFP Black Powder: Li 4.0-5.0%

Common Impurities

• NCM Black Mass: Cu <3%, Al <3%, Cd, As, Pb <0.03%, H₂O <5%, Fe <2%, C <35%, F <0.5%

• NCM Black Powder: Cu <1%, Al <1%, Cd, As, Pb <0.01%, H₂O <2%, Fe <1%, C <10%, F <0.3%

• LCO Black Mass: Cu <3%, Al <3%, Cd, As, Pb <0.03%, H₂O <5%, Fe <2%, C <35%, F <0.5%

• LCO Black Powder: Cu <1%, Al <1%, Cd, As, Pb <0.01%, H₂O <2%, Fe <1%, C <10%, F <0.3%

• LFP Black Mass: Cu <3%, Al <3%, Ni, Co <3%, Cd, As, Pb <0.03%, H₂O <5%, C <35%, F <0.5%

• LFP Black Powder: Cu <1%, Al <1%, Ni, Co <3%, Cd, As, Pb <0.01%, H₂O <2%, C <10%, F <0.3%

Benchmark continues to monitor and evolve its price assessments to ensure they remain aligned with prevailing market and trading conditions.

The proposed changes would impact the following grades currently collected by Benchmark:

• Recycling; Black Mass; NCM; EXW China; CoSO4; Payable; %

• Recycling; Black Mass; NCM; EXW China; LCE; Payable; %

• Recycling; Black Mass; NCM; EXW China; NiSO4; Payable; %

• Recycling; Black Mass; LCO; EXW China; CoSO4; Payable; %

• Recycling; Black Mass; LCO; EXW China; LCE; Payable; %

• Recycling; Black Mass; LFP; EXW China; Li Price per Percentage Point; Fixed Price; CNY; Tonne

• Recycling; Black Mass; NCM; CIF Asia; Co; Payable; %

• Recycling; Black Mass; NCM; CIF Asia; Ni; Payable; %

• Recycling; Black Mass; LCO; CIF Asia; Co; Payable; %

• Recycling; Black Mass; NCM; EXW North America; Co; Payable; %

• Recycling; Black Mass; NCM; EXW North America; Ni; Payable; %

• Recycling; Black Mass; LCO; EXW North America; Co; Payable; %

• Recycling; Black Mass; NCM; EXW Europe; Co; Payable; %

• Recycling; Black Mass; NCM; EXW Europe; Ni; Payable; %

Which will become:

• Recycling; Black Mass; NCM; EXW China; CoSO4; Payable; %

• Recycling; Black Powder; NCM; EXW China; CoSO4; Payable; %

• Recycling; Black Mass; NCM; EXW China; LCE; Payable; %

• Recycling; Black Powder; NCM; EXW China; LCE; Payable; %

• Recycling; Black Mass; NCM; EXW China; NiSO4; Payable; %

• Recycling; Black Powder; NCM; EXW China; NiSO4; Payable; %

• Recycling; Black Mass; LCO; EXW China; CoSO4; Payable; %

• Recycling; Black Powder; LCO; EXW China; CoSO4; Payable; %

• Recycling; Black Mass; LCO; EXW China; LCE; Payable; %

• Recycling; Black Powder; LCO; EXW China; LCE; Payable; %

• Recycling; Black Mass; LFP; EXW China; Li Price per Percentage Point; Fixed Price; CNY; Tonne

• Recycling; Black Powder; LFP; EXW China; Li Price per Percentage Point; Fixed Price; CNY; Tonne

• Recycling; Black Mass; NCM; CIF Asia; Co; Payable; %

• Recycling; Black Powder; NCM; CIF Asia; Co; Payable; %

• Recycling; Black Mass; NCM; CIF Asia; Ni; Payable; %

• Recycling; Black Powder; NCM; CIF Asia; Ni; Payable; %

• Recycling; Black Mass; LCO; CIF Asia; Co; Payable; %

• Recycling; Black Powder; LCO; CIF Asia; Co; Payable; %

• Recycling; Black Mass; NCM; EXW North America; Co; Payable; %

• Recycling; Black Powder; NCM; EXW North America; Co; Payable; %

• Recycling; Black Mass; NCM; EXW North America; Ni; Payable; %

• Recycling; Black Powder; NCM; EXW North America; Ni; Payable; %

• Recycling; Black Mass; LCO; EXW North America; Co; Payable; %

• Recycling; Black Mass; NCM; EXW Europe; Co; Payable; %

• Recycling; Black Powder; NCM; EXW Europe; Co; Payable; %

• Recycling; Black Mass; NCM; EXW Europe; Ni; Payable; %

• Recycling; Black Powder; NCM; EXW Europe; Ni; Payable; %

• Recycling; Black Mass; LCO; EXW Europe; Co; Payable; %

Benchmark Price Assessments – contact us:

Benchmark invites feedback from active market participants no later than 7th December 2026.

Comments are welcomed via submission to: prices@benchmarkminerals.com