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ion Batteries",74.53,71.3,4.53,-1.6,-20.88,[337,338,340,343,346,349,352,355,358,361,364,367],{"date":329,"value":331},{"date":339,"value":332},"2025-02-28",{"date":341,"value":342},"2025-01-31",71.45,{"date":344,"value":345},"2024-12-31",75.74,{"date":347,"value":348},"2024-11-29",76.98,{"date":350,"value":351},"2024-10-31",77.34,{"date":353,"value":354},"2024-09-30",77.43,{"date":356,"value":357},"2024-08-30",80.56,{"date":359,"value":360},"2024-07-31",82.99,{"date":362,"value":363},"2024-06-28",87.2,{"date":365,"value":366},"2024-05-31",90.7,{"date":368,"value":369},"2024-04-30",93.2,"/battery-gigafactory/prices",{"publishedDate":372,"updateFrequency":6,"updateFrequencyText":7,"label":373,"today":374,"last":375,"percentageChange":376,"yearToDate":377,"yearOnYear":378,"oneYearIndexTrend":379,"url":411,"subscription":49,"isProtected":50,"hasAccess":51},"2026-05-21","Black 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High-Nickel",99.44,96.91,2.61,2.37,-3.84,[489,490,491,493,495,497,499,501,503,505,506,508],{"date":213,"value":483},{"date":216,"value":484},{"date":219,"value":492},97.09,{"date":222,"value":494},94.93,{"date":225,"value":496},97.13,{"date":467,"value":498},97.89,{"date":329,"value":500},101.4,{"date":339,"value":502},93.25,{"date":341,"value":504},98.94,{"date":344,"value":496},{"date":347,"value":507},98.69,{"date":350,"value":509},101.87,{"publishedDate":213,"updateFrequency":188,"updateFrequencyText":188,"label":511,"today":512,"last":513,"percentageChange":514,"yearToDate":515,"yearOnYear":516,"oneYearIndexTrend":517,"url":370,"subscription":49,"isProtected":50,"hasAccess":51},"NCM Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":750,"relatedVideos":751},175363419281597,"88c7d185-0a45-44eb-a6dd-840c4db98918","Seaborne Asia NCM black mass payables reach all-time highs","seaborne-asia-ncm-black-mass-payables-reach-all-time-highs","article/seaborne-asia-ncm-black-mass-payables-reach-all-time-highs",{"_uid":547,"date":548,"tags":549,"editor":559,"content":569,"excerpt":716,"featured":51,"reporter":717,"component":728,"seo_title":543,"categories":729,"visibility":739,"data_vis_image":740,"featured_image":743,"seo_description":747,"formattedDate":748,"formattedArticleDate":749},"33d09760-1406-471a-85d0-bd5daa5f331f","2026-05-11 00:00",[550,553,556],{"slug":551,"name":552},"ncm","NCM",{"slug":554,"name":555},"china","China",{"slug":557,"name":558},"asia","Asia",[560],{"slug":561,"name":562,"content":563},"benjamin-roche","Benjamin Roche",{"job_title":564,"image":565,"bio":567,"linkedin":568},"Editor – Energy Transition Supply Chains",{"filename":566},"https://a.storyblok.com/f/287943243085208/800x800/66d6674fb8/benjamin-roche.png","Benjamin is Benchmark's Editor for Energy Transition Supply Chains, covering both upstream products like critical minerals and downstream products including energy storage systems and electric vehicles. He has previous experience covering trade flows, tariffs and the effects of geopolitics on supply chains.","https://www.linkedin.com/in/benjaminrochecontent/",{"type":570,"content":571},"doc",[572,615,626,638,646,668,676,685,700,708],{"type":573,"attrs":574,"content":575},"paragraph",{"textAlign":49},[576,584,596,601,610],{"text":577,"type":578,"marks":579},"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 ","text",[580],{"type":581,"attrs":582},"textStyle",{"color":583},"#000000",{"text":585,"type":578,"marks":586},"developing since the beginning of 2026",[587,594],{"type":588,"attrs":589},"link",{"href":590,"uuid":591,"anchor":49,"target":592,"linktype":593},"/article/runaway-rally-before-stabilisation-black-mass-q1-2026-price-review","0d1ae7af-e809-460f-839a-18e8dd2132d1","_blank","story",{"type":581,"attrs":595},{"color":583},{"text":597,"type":578,"marks":598},", especially for high-grade batches sourced from production scrap, boosted by several bullish factors. Other ",[599],{"type":581,"attrs":600},{"color":583},{"text":602,"type":578,"marks":603},"black mass",[604,608],{"type":588,"attrs":605},{"href":606,"uuid":607,"anchor":49,"target":592,"linktype":593},"/article/dry-vs-wet-shredding-which-is-best-for-black-mass-quality-","7870068a-8393-4e3b-8c1b-9bb08d5f59ed",{"type":581,"attrs":609},{"color":583},{"text":611,"type":578,"marks":612}," 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.",[613],{"type":581,"attrs":614},{"color":583},{"type":616,"attrs":617},"blok",{"id":618,"body":619},"cfc97dbe-fcbb-421f-b73a-2934b2bf84f9",[620],{"id":621,"_uid":622,"type":623,"component":624,"fixed_height":625,"use_fixed_height":50,"fixed_height_mobile":625,"fixed_height_tablet":625},"28918724","i-2f83f837-445b-430f-915f-484a30d906db","visualisation","ContentFlourish","",{"type":627,"attrs":628,"content":630},"heading",{"level":629,"textAlign":49},2,[631],{"text":632,"type":578,"marks":633},"What is driving up NCM black mass payables?",[634,636],{"type":581,"attrs":635},{"color":583},{"type":637},"bold",{"type":573,"attrs":639,"content":640},{"textAlign":49},[641],{"text":642,"type":578,"marks":643},"Battery metal prices have been especially volatile during 2026, causing payables to rise in response. Lithium carbonate (battery grade) and nickel sulphate underwent rallies early this year, surging by 61.0% and 25.2% respectively on an EXW China basis. ",[644],{"type":581,"attrs":645},{"color":583},{"type":573,"attrs":647,"content":648},{"textAlign":49},[649,654,663],{"text":650,"type":578,"marks":651},"Last August, China opened its borders to ",[652],{"type":581,"attrs":653},{"color":583},{"text":655,"type":578,"marks":656},"black mass imports",[657,661],{"type":588,"attrs":658},{"href":659,"uuid":660,"anchor":49,"target":592,"linktype":593},"/article/china-reduces-import-tariffs-for-recycled-black-mass","b30cf2f8-8f83-40e9-8d1f-5775ac7c0b60",{"type":581,"attrs":662},{"color":583},{"text":664,"type":578,"marks":665},". After an initial period of low import activity and small volumes as Chinese recyclers’ overseas procurement teams adjusted to the new rules, such procurement has now ramped up. Buyers in China, which has the greatest recycling capacity and more capacity than it needs, have the largest purchasing power in the global black mass market, meaning payables overseas have risen in response.",[666],{"type":581,"attrs":667},{"color":583},{"type":573,"attrs":669,"content":670},{"textAlign":49},[671],{"text":672,"type":578,"marks":673},"Benchmark has heard from industry contacts that utilisation rates at hydrometallurgical plants are very low across Asia, with some plants in China seeing utilisation as low as 20–30%. As a result, some Asian consumers are buying feedstock out of necessity for keeping the lights on, causing them to pay above the prevailing market price.",[674],{"type":581,"attrs":675},{"color":583},{"type":627,"attrs":677,"content":678},{"level":629,"textAlign":49},[679],{"text":680,"type":578,"marks":681},"How can payables exceed 100%?",[682,684],{"type":581,"attrs":683},{"color":583},{"type":637},{"type":573,"attrs":686,"content":687},{"textAlign":49},[688,693,695],{"text":689,"type":578,"marks":690},"Despite initially seeming illogical, there are several reasons why black mass payables can rise over 100% on a Ni/Co basis. ",[691],{"type":581,"attrs":692},{"color":583},{"text":694,"type":578},"The pricing system outside of China considers payables only for nickel and cobalt, meaning the value of lithium is incorporated into the Co/Ni payable",{"text":696,"type":578,"marks":697},". As a result, when lithium prices are increasing, this can drag the payables up higher than they otherwise would be.",[698],{"type":581,"attrs":699},{"color":583},{"type":573,"attrs":701,"content":702},{"textAlign":49},[703],{"text":704,"type":578,"marks":705},"Another is that payables are usually implemented on a ‘M-1’ basis meaning the reference metal prices are from the previous month. Because of this, if prices increase sharply the following month, payables will also rise sharply as they are applied to a lower reference.",[706],{"type":581,"attrs":707},{"color":583},{"type":573,"attrs":709,"content":710},{"textAlign":49},[711],{"text":712,"type":578,"marks":713},"Some other reasons explaining how these payables can reach these heights are that some recyclers may have very low utilisation rates so they procure black mass at elevated levels in desperation. Another reason might be traders holding bullish expectations for black mass or metal prices in the future so they bid above the prevailing market price.",[714],{"type":581,"attrs":715},{"color":583},"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.",[718],{"slug":719,"name":720,"content":721},"frederick-bloomfield","Frederick Bloomfield",{"job_title":722,"image":723,"bio":725,"linkedin":726,"markets_covered":727},"Senior Analyst",{"filename":724},"https://a.storyblok.com/f/287943243085208/512x512/f55b7d4d79/freddie-bloomfield.jpeg","Frederick is a Senior Analyst at Benchmark Mineral Intelligence researching battery materials. His main areas of focus are lithium and battery recycling markets in Europe, North America and Asia. Before joining Benchmark, Frederick received his Master's degree in Green Chemistry at Imperial College London. With a particular interest in black mass trading, Frederick regularly speaks with players across the global battery recycling market, where he has gained extensive knowledge of trade flows, prices and policy on top of information on the wider recycling value chain, such as gate fees, tolling fees and the price of battery scrap and other recycled intermediates.","https://www.linkedin.com/in/frederick-bloomfield/","Black mass, lithium, nickel","article",[730,732,735,737],{"slug":731,"name":373},"black-mass",{"slug":733,"name":734},"recycling","Recycling",{"slug":736,"name":150},"nickel",{"slug":738,"name":115},"cobalt","private",{"id":49,"alt":49,"name":625,"focus":49,"title":49,"source":49,"filename":625,"copyright":49,"fieldtype":741,"meta_data":742},"asset",{},{"id":744,"alt":625,"name":625,"focus":625,"title":625,"source":625,"filename":745,"copyright":625,"fieldtype":741,"meta_data":746,"is_external_url":50},106712663201583,"https://a.storyblok.com/f/287943243085208/x/92015bc417/q3-2025-black-mass-price-review-china-lifts-black-mass-import-restrictions.avif",{},"This week, NCM feedstock black mass payables across ex-China Asia, North America and Europe reached all-time highs. Benchmark assessed black mass from production scrap at 135–140%, 125–130% and 115–125% across ex-China Asia, North America and Europe.","May 11, 2026","11th May 2026",[],[],1783093096143]