Wavering demand and regional divergence: Q2 2026 black mass price review

Black mass payables were less volatile in Q2 2026 compared to Q1, as trading levels for the recycled intermediate responded to cooling battery metal markets, wavering demand and continued regional divergence. The largest movements were recorded in the seaborne Asia market, with CIF Asia NCM black mass from EOL and production scrap hitting all-time highs in May of 104.0% and 137.5%, respectively, as reported by Benchmark’s Black Mass Price Assessment. “By the end of the quarter, black mass payables had eased from May’s lofty heights,” Frederick Bloomfield, a senior price analyst at Benchmark, said. “The quarter saw a clear shift from broad strength towards a more cautious and regionally fragmented pricing environment as lithium prices began to show weakness.”