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industry margins squeezed by low virgin material prices","recycling-industry-margins-squeezed-by-low-virgin-material-prices","article/recycling-industry-margins-squeezed-by-low-virgin-material-prices",{"_uid":557,"date":558,"tags":559,"editor":565,"content":575,"excerpt":796,"featured":51,"reporter":797,"_editable":801,"component":802,"seo_title":553,"categories":803,"visibility":810,"author_company":49,"featured_image":811,"seo_description":796,"author_full_name":49,"author_job_title":49,"formattedDate":815,"formattedArticleDate":816},"520e39ad-1d02-454b-b80c-a3b50dc96949","2024-08-30 00:00",[560,562],{"slug":561,"name":380},"black-mass",{"slug":563,"name":564},"black-mass-prices","Black mass prices",[566],{"slug":567,"name":568,"content":569},"didi-bostock","Didi Bostock",{"job_title":570,"image":571,"bio":573,"linkedin":574},"Editor - Energy Transition & Economics",{"filename":572},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":576,"content":577},"doc",[578,595,608,613,626,655,662,667,680,689,694,699,704,709,738,751,756,761,766,771,776,781,786,791],{"type":579,"attrs":580,"content":581},"paragraph",{"textAlign":49},[582,585,593],{"text":583,"type":584},"Bearish raw material markets are dragging down ","text",{"text":586,"type":584,"marks":587},"black mass",[588],{"type":589,"attrs":590},"link",{"href":591,"uuid":49,"anchor":49,"target":49,"linktype":592},"https://source.benchmarkminerals.com/article/what-is-black-mass-and-how-is-it-priced","url",{"text":594,"type":584}," prices and payables, squeezing the margins of players in the recycling industry.",{"type":579,"attrs":596,"content":597},{"textAlign":49},[598,600,606],{"text":599,"type":584},"Prices for black mass from lithium iron phosphate (LFP) scrap feedstock have been the worst hit by the low lithium price environment, with the aggregated price for LFP black mass dropping 2.33% month-on-month to $1,741 per tonne in August 2024 after having dropped 18% the month prior, according to ",{"text":601,"type":584,"marks":602},"Benchmark’s Black Mass Price Assessment",[603],{"type":589,"attrs":604},{"href":605,"uuid":49,"anchor":49,"target":49,"linktype":592},"https://www.benchmarkminerals.com/recycling/recycling-prices/table/",{"text":607,"type":584},".",{"type":579,"attrs":609,"content":610},{"textAlign":49},[611],{"text":612,"type":584},"Some LFP recyclers are consequently stockpiling battery scrap and black mass as they wait for prices to improve from September, or selling it into the reuse market.",{"type":579,"attrs":614,"content":615},{"textAlign":49},[616,618,624],{"text":617,"type":584},"“Some LFP black mass traders in Asia (ex. China) are even willing to pay recyclers to take LFP black mass off their hands in the current price climate,” ",{"text":619,"type":584,"marks":620},"Frederick Bloomfield",[621],{"type":589,"attrs":622},{"href":623,"uuid":49,"anchor":49,"target":49,"linktype":592},"https://source.benchmarkminerals.com/video/watch/analyst-insights-black-mass-price-trends-outside-of-china",{"text":625,"type":584},", a black mass pricing analyst at Benchmark, said.",{"type":579,"attrs":627,"content":628},{"textAlign":49},[629,634,641,645,652],{"text":630,"type":584,"marks":631},"Watch Benchmark analyst Piotr Kulas discuss the ",[632],{"type":633},"italic",{"text":635,"type":584,"marks":636},"profitability of recycling LFP batteries",[637,640],{"type":589,"attrs":638},{"href":639,"uuid":49,"anchor":49,"target":49,"linktype":592},"https://source.benchmarkminerals.com/video/watch/analyst-insights-can-lfp-be-recycled-profitably",{"type":633},{"text":642,"type":584,"marks":643}," on Source. View more analyst insight videos ",[644],{"type":633},{"text":646,"type":584,"marks":647},"here",[648,651],{"type":589,"attrs":649},{"href":650,"uuid":49,"anchor":49,"target":49,"linktype":592},"https://source.benchmarkminerals.com/search/tag/analyst-insights?items_per_page=12&page_offset=0&tags%5B%5D=analyst-insights",{"type":633},{"text":607,"type":584,"marks":653},[654],{"type":633},{"type":656,"attrs":657,"content":659},"heading",{"level":658,"textAlign":49},4,[660],{"text":661,"type":584},"Why are black mass prices falling?",{"type":579,"attrs":663,"content":664},{"textAlign":49},[665],{"text":666,"type":584},"Across the board, battery raw material markets are generally experiencing a low price environment, driven by oversupply from China and weak downstream EV demand. LFP black mass is particularly impacted by the virgin lithium market as lithium carbonate is the only valuable battery mineral that is typically extracted from such cells.",{"type":579,"attrs":668,"content":669},{"textAlign":49},[670,672,678],{"text":671,"type":584},"Nickel cobalt manganese (NCM) black mass prices have also been impacted by cobalt sulphate prices (EXW China) dropping 13.1% so far this year to $3,920 per tonne, according to ",{"text":673,"type":584,"marks":674},"Benchmark’s Cobalt Price Assessment",[675],{"type":589,"attrs":676},{"href":677,"uuid":49,"anchor":49,"target":49,"linktype":592},"https://www.benchmarkminerals.com/cobalt/cobalt-prices/table/",{"text":679,"type":584}," from 28 August this year.",{"type":579,"attrs":681,"content":682},{"textAlign":49},[683],{"type":684,"attrs":685},"image",{"id":49,"alt":686,"src":687,"title":49,"source":49,"copyright":49,"meta_data":688},"","https://a.storyblok.com/f/287943243085208/f812b5e840/bm-black-mass-prices-august-2024.png",{},{"type":579,"attrs":690,"content":691},{"textAlign":49},[692],{"text":693,"type":584},"China’s black mass prices remain the highest in the global market due to the maturity of their recycling industry, large processing overcapacity and inclusion of lithium payables in transactions.",{"type":579,"attrs":695,"content":696},{"textAlign":49},[697],{"text":698,"type":584},"Prices in China and Asia closely mirror each other due to the large and growing volume of black mass exchanged between the two regions.",{"type":656,"attrs":700,"content":701},{"level":658,"textAlign":49},[702],{"text":703,"type":584},"Are there regional differences in the black mass prices and payables?",{"type":579,"attrs":705,"content":706},{"textAlign":49},[707],{"text":708,"type":584},"Payables have taken the most severe hit in the seaborne Asia and domestic China markets as these regions are the most heavily influenced by virgin market conditions due to the large amount of domestic processing capacity.",{"type":579,"attrs":710,"content":711},{"textAlign":49},[712,716,722,726,730,735],{"text":713,"type":584,"marks":714},"Watch Benchmark analyst Frederick Bloomfield discuss ",[715],{"type":633},{"text":717,"type":584,"marks":718},"black mass price trends outside of China",[719,721],{"type":589,"attrs":720},{"href":623,"uuid":49,"anchor":49,"target":49,"linktype":592},{"type":633},{"text":723,"type":584,"marks":724}," on Source.",[725],{"type":633},{"text":727,"type":584,"marks":728},"View more analyst insight videos ",[729],{"type":633},{"text":646,"type":584,"marks":731},[732,734],{"type":589,"attrs":733},{"href":650,"uuid":49,"anchor":49,"target":49,"linktype":592},{"type":633},{"text":607,"type":584,"marks":736},[737],{"type":633},{"type":579,"attrs":739,"content":740},{"textAlign":49},[741,743,749],{"text":742,"type":584},"The drop in virgin market prices in recent months has been felt less acutely by ",{"text":744,"type":584,"marks":745},"North American and European recyclers",[746],{"type":589,"attrs":747},{"href":748,"uuid":49,"anchor":49,"target":49,"linktype":592},"https://source.benchmarkminerals.com/article/critical-mass-asian-demand-for-north-american-scrap-sees-recycler-prices-spike",{"text":750,"type":584}," due to the lagged effect of the virgin market in these regions. Many domestic black mass suppliers are also unwilling to take a hit on their profits even under the current tough market conditions.",{"type":579,"attrs":752,"content":753},{"textAlign":49},[754],{"text":755,"type":584},"Divergent valuations of black mass between buyers and sellers has resulted in deals increasingly being cancelled as buyers are unable to afford the material, while virgin prices continue to tumble.",{"type":579,"attrs":757,"content":758},{"textAlign":49},[759],{"text":760,"type":584},"“The low-price environment is straining both recycling companies and traders as their margins degrade” Bloomfield said. “As a result, trading activity has been subdued as buyers have often been unable to match the asking price of black mass sellers.”",{"type":579,"attrs":762,"content":763},{"textAlign":49},[764],{"text":765,"type":584},"Market conditions have been worsened further by rising shipping costs globally due to numerous geopolitical events, like the political instability in the Red Sea.",{"type":656,"attrs":767,"content":768},{"level":658,"textAlign":49},[769],{"text":770,"type":584},"What are the consequences of the low black mass prices?",{"type":579,"attrs":772,"content":773},{"textAlign":49},[774],{"text":775,"type":584},"The ripple effect of the prolonged virgin market downturn is that market participants in Asia (ex. China) are more frequently being priced out of black mass bidding wars since Chinese market participants possess greater purchasing power. China’s reported relaxation of its black mass import policy is also thought to contribute to this growing theme.",{"type":579,"attrs":777,"content":778},{"textAlign":49},[779],{"text":780,"type":584},"Utilisation rates at non-integrated black mass processing facilities of smaller recyclers are also suffering due to weak raw material prices disincentivising battery chemical recovery from black mass.",{"type":579,"attrs":782,"content":783},{"textAlign":49},[784],{"text":785,"type":584},"The larger integrated recyclers are able to keep utilisation rates healthier through partnerships and in-house supply of black mass feedstock. Various recycling companies attempting to be publicly listed are also keeping their utilisation rates high.",{"type":579,"attrs":787,"content":788},{"textAlign":49},[789],{"text":790,"type":584},"Another knock-on effect of these tough conditions has been Western recyclers switching their black mass processing technologies, especially in North America.",{"type":579,"attrs":792,"content":793},{"textAlign":49},[794],{"text":795,"type":584},"“Western recyclers have a tougher time implementing the acid leach hydrometallurgical technique adopted in Asia due to higher opex and capex costs, as well as stricter environmental regulations,” Bloomfield said. “Consequently, European and North American recyclers have started looking into the opportunity of direct recycling, pCAM/MHP production and alternative processing technologies, such as electroextraction, plasma extraction and chromatography extraction.”","Bearish raw material markets are dragging down black mass prices and payables, squeezing the margins of players in the recycling industry. Prices for black mass from lithium iron phosphate (LFP) scrap feedstock have been the worst hit by the low lithium price environment, with the aggregated price for LFP black mass dropping 2.33% month-on-month to […]",[798],{"slug":567,"name":568,"content":799},{"job_title":570,"image":800,"bio":573,"linkedin":574},{"filename":572},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"520e39ad-1d02-454b-b80c-a3b50dc96949\", \"id\": \"\"}-->","article",[804,807],{"slug":805,"name":806},"recycling","Recycling",{"slug":808,"name":809},"sustainability","Sustainability","private",{"id":49,"alt":686,"name":686,"focus":686,"title":686,"source":686,"filename":812,"copyright":686,"fieldtype":813,"meta_data":814,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/22ed4c5523/bm-adobestock-110768217.jpeg","asset",{"alt":686,"title":686,"source":686,"copyright":686},"Aug 30, 2024","30th August 2024",[],[],1792773897907]