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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":780,"relatedVideos":781},201585008863926,"edbc311f-2091-485a-9c39-d3d22b463c56","Wavering demand and regional divergence: Q2 2026 black mass price review","wavering-demand-and-regional-divergence-q2-2026-black-mass-price-review","article/wavering-demand-and-regional-divergence-q2-2026-black-mass-price-review",{"_uid":547,"date":548,"tags":549,"editor":565,"content":575,"excerpt":743,"featured":51,"reporter":744,"component":755,"seo_title":756,"categories":757,"visibility":769,"data_vis_image":770,"featured_image":773,"seo_description":777,"formattedDate":778,"formattedArticleDate":779},"8995bbb4-0bd9-4da3-9c10-6e7a46e8fda4","2026-07-24 00:00",[550,553,556,559,562],{"slug":551,"name":552},"black-mass-prices","Black mass prices",{"slug":554,"name":555},"quarterly-price-review","Quarterly Price Review",{"slug":557,"name":558},"china","China",{"slug":560,"name":561},"north-america","North America",{"slug":563,"name":564},"europe","Europe",[566],{"slug":567,"name":568,"content":569},"matthew-bird","Matthew Bird",{"job_title":570,"image":571,"bio":573,"linkedin":574},"Senior Editor - Supply Chains & Data Visualisation",{"filename":572},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":576,"content":577},"doc",[578,607,630,638,648,656,667,675,683,691,699,707,715,737],{"type":579,"attrs":580,"content":581},"paragraph",{"textAlign":49},[582,590,602],{"text":583,"type":584,"marks":585},"Black mass payables were less volatile in Q2 2026 ","text",[586],{"type":587,"attrs":588},"textStyle",{"color":589},"#000000",{"text":591,"type":584,"marks":592},"compared to Q1",[593,600],{"type":594,"attrs":595},"link",{"href":596,"uuid":597,"anchor":49,"target":598,"linktype":599},"/article/runaway-rally-before-stabilisation-black-mass-q1-2026-price-review","0d1ae7af-e809-460f-839a-18e8dd2132d1","_self","story",{"type":587,"attrs":601},{"color":589},{"text":603,"type":584,"marks":604},", as trading levels for the recycled intermediate responded to cooling battery metal markets, wavering demand and continued regional divergence.",[605],{"type":587,"attrs":606},{"color":589},{"type":579,"attrs":608,"content":610},{"textAlign":609},"justify",[611,616,625],{"text":612,"type":584,"marks":613},"The largest movements were recorded in the seaborne Asia market, with CIF Asia NCM black mass from EOL and production scrap hitting ",[614],{"type":587,"attrs":615},{"color":589},{"text":617,"type":584,"marks":618},"all-time highs",[619,623],{"type":594,"attrs":620},{"href":621,"uuid":622,"anchor":49,"target":598,"linktype":599},"/article/seaborne-asia-ncm-black-mass-payables-reach-all-time-highs","88c7d185-0a45-44eb-a6dd-840c4db98918",{"type":587,"attrs":624},{"color":589},{"text":626,"type":584,"marks":627}," in May of 104.0% and 137.5%, respectively, as reported by Benchmark’s Black Mass Price Assessment.",[628],{"type":587,"attrs":629},{"color":589},{"type":579,"attrs":631,"content":632},{"textAlign":609},[633],{"text":634,"type":584,"marks":635},"“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.”",[636],{"type":587,"attrs":637},{"color":589},{"type":639,"attrs":640,"content":642},"heading",{"level":641,"textAlign":609},2,[643],{"text":644,"type":584,"marks":645},"China: Margin pressure kept payables tight",[646],{"type":587,"attrs":647},{"color":589},{"type":579,"attrs":649,"content":650},{"textAlign":609},[651],{"text":652,"type":584,"marks":653},"Domestic Chinese payables were more controlled than those outside of China. NCM lithium carbonate, cobalt sulphate and nickel sulphate payables moved within a narrow range of 77.0–78.5% between April and June, ending the period at 77.0%. LCO lithium carbonate payables also softened, from 78.5% on 9 April to 76.5% by 18 June. LCO cobalt sulphate payables experienced a sharper decline, falling from 87.5% to 81.5% as cobalt sentiment weakened, before stabilising towards the end of the period.",[654],{"type":587,"attrs":655},{"color":589},{"type":657,"attrs":658},"blok",{"id":659,"body":660},"93235e1d-523a-4bbd-b925-c1eccbedac05",[661],{"id":662,"_uid":663,"type":664,"component":665,"fixed_height":666,"use_fixed_height":50,"fixed_height_mobile":666,"fixed_height_tablet":666},"29783564","i-321650cf-fad5-45f4-a570-4010126af903","visualisation","ContentFlourish","",{"type":579,"attrs":668,"content":669},{"textAlign":609},[670],{"text":671,"type":584,"marks":672},"April began with Chinese NCM payables easing as virgin battery metal markets plateaued and recyclers faced persistent margin pressure. Domestic trading remained relatively subdued, with hydrometallurgical plants continuing to procure on an ad hoc basis. LCO payables also declined, particularly on a cobalt basis, as buyers became more cautious amid signs of softer downstream demand.",[673],{"type":587,"attrs":674},{"color":589},{"type":579,"attrs":676,"content":677},{"textAlign":609},[678],{"text":679,"type":584,"marks":680},"In May, Chinese NCM payables stabilised at around 78%, while LFP black mass values rose sharply alongside a stronger lithium market. The lithium price per percentage point for LFP feedstock increased from RMB 6,750 ($985.50) on 9 April to RMB 8,075 by early June.",[681],{"type":587,"attrs":682},{"color":589},{"type":579,"attrs":684,"content":685},{"textAlign":609},[686],{"text":687,"type":584,"marks":688},"By June, Chinese NCM payables declined by 1.3% between 4 and 18 June, while LFP prices fell by 9.0% as lithium carbonate prices retreated. Although feedstock availability remained limited and sellers were increasingly reluctant to sell, buyers largely focused on essential volumes and preferred to purchase on dips. LCO cobalt payables fell by 2.4% during the first half of June, reflecting expectations of additional impending supply from the DRC in August.",[689],{"type":587,"attrs":690},{"color":589},{"type":639,"attrs":692,"content":693},{"level":641,"textAlign":609},[694],{"text":695,"type":584,"marks":696},"Ex-China: Volatile Asia and North American payables",[697],{"type":587,"attrs":698},{"color":589},{"type":579,"attrs":700,"content":701},{"textAlign":609},[702],{"text":703,"type":584,"marks":704},"Asian seaborne NCM payables strengthened significantly in May, reaching an overall midpoint of 119% as regional buyers raised their bids as battery metal prices climbed. North American payables rose more gradually, reflecting the delayed transmission of Asian market movements, increasing from 117.5% for production scrap and 92.0% for end-of-life scrap in early May to 127.5% and 106.5%, respectively, by the end of the month.",[705],{"type":587,"attrs":706},{"color":589},{"type":579,"attrs":708,"content":709},{"textAlign":609},[710],{"text":711,"type":584,"marks":712},"By June, elevated transactions initially kept NCM payables firm, but resistance to high offers and weaker cobalt and lithium market sentiment began to weigh on liquidity.",[713],{"type":587,"attrs":714},{"color":589},{"type":579,"attrs":716,"content":717},{"textAlign":609},[718,723,732],{"text":719,"type":584,"marks":720},"The impact of the market bullishness on European NCM feed black mass prices were more steady over the quarter, due to the ",[721],{"type":587,"attrs":722},{"color":589},{"text":724,"type":584,"marks":725},"hazardous waste status",[726,730],{"type":594,"attrs":727},{"href":728,"uuid":729,"anchor":49,"target":598,"linktype":599},"/article/eu-classifies-black-mass-as-hazardous-waste-to-reduce-critical-mineral-leakage","ffae495f-722e-4740-ba5f-40c3fdbe2d18",{"type":587,"attrs":731},{"color":589},{"text":733,"type":584,"marks":734}," and associated shipping restrictions anchoring payables.",[735],{"type":587,"attrs":736},{"color":589},{"type":657,"attrs":738},{"id":659,"body":739},[740],{"id":741,"_uid":742,"type":664,"component":665,"fixed_height":666,"use_fixed_height":50,"fixed_height_mobile":666,"fixed_height_tablet":666},"29783490","i-8f024218-a9ad-41fb-bc29-1c13d561fd43","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.\n\nThe 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.\n\n“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.”",[745],{"slug":746,"name":747,"content":748},"frederick-bloomfield","Frederick Bloomfield",{"job_title":749,"image":750,"bio":752,"linkedin":753,"markets_covered":754},"Senior Analyst",{"filename":751},"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","Wavering demand and regional divergence: Q2 black mass review",[758,760,763,766],{"slug":759,"name":373},"black-mass",{"slug":761,"name":762},"recycling","Recycling",{"slug":764,"name":765},"critical-minerals","Critical Minerals",{"slug":767,"name":768},"raw-materials","Raw Materials","private",{"id":49,"alt":49,"name":666,"focus":49,"title":49,"source":49,"filename":666,"copyright":49,"fieldtype":771,"meta_data":772},"asset",{},{"id":774,"alt":666,"name":666,"focus":666,"title":666,"source":666,"filename":775,"copyright":666,"fieldtype":771,"meta_data":776,"is_external_url":50},201585384895588,"https://a.storyblok.com/f/287943243085208/5250x3500/b33be6e9a6/ev-battery-recycle.jpeg",{},"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.","Jul 24, 2026","24th July 2026",[],[],1784908345452]