Seaborne Asia NCM black mass payables reach all-time highs

This week, NCM feedstock black mass payables across ex-China Asia, North America and Europe reached all-time highs, continuing a trend that has been developing since the beginning of 2026, especially for high-grade batches sourced from production scrap, boosted by several bullish factors. Other black mass grades have also been recorded at very high levels, with lithium cobalt oxide (LCO) black mass payables now dipping following a recent cooling of cobalt sentiment.