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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":559,"relatedVideos":560},146688313710466,"32fd341f-86f3-4ebf-9178-7a78801a0168","Frederick Bloomfield","frederick-bloomfield","authors/frederick-bloomfield",{"x":547,"bio":548,"_uid":549,"email":547,"image":550,"linkedin":555,"component":556,"job_title":557,"markets_covered":558,"certification_name":547,"certification_recoginition":547,"certification_recoginition_url":547,"formattedDate":547,"formattedArticleDate":547},"","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.","6d42e2ea-8bf2-413b-97dc-7ee5c945585d",{"id":551,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":552,"copyright":547,"fieldtype":553,"meta_data":554,"is_external_url":50},148107452266261,"https://a.storyblok.com/f/287943243085208/512x512/f55b7d4d79/freddie-bloomfield.jpeg","asset",{},"https://www.linkedin.com/in/frederick-bloomfield/","author","Senior Analyst","Black mass, lithium, nickel",[],[],[562,762,1066,1234],{"id":563,"uuid":564,"name":565,"slug":566,"full_slug":567,"content":568},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":569,"date":570,"tags":571,"editor":581,"content":591,"excerpt":737,"featured":51,"reporter":738,"component":742,"seo_title":565,"categories":743,"visibility":753,"data_vis_image":754,"featured_image":756,"seo_description":760,"formattedDate":761},"33d09760-1406-471a-85d0-bd5daa5f331f","2026-05-11 00:00",[572,575,578],{"slug":573,"name":574},"ncm","NCM",{"slug":576,"name":577},"china","China",{"slug":579,"name":580},"asia","Asia",[582],{"slug":583,"name":584,"content":585},"benjamin-roche","Benjamin Roche",{"job_title":586,"image":587,"bio":589,"linkedin":590},"Editor – Energy Transition Supply Chains",{"filename":588},"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":592,"content":593},"doc",[594,637,647,659,667,689,697,706,721,729],{"type":595,"attrs":596,"content":597},"paragraph",{"textAlign":49},[598,606,618,623,632],{"text":599,"type":600,"marks":601},"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",[602],{"type":603,"attrs":604},"textStyle",{"color":605},"#000000",{"text":607,"type":600,"marks":608},"developing since the beginning of 2026",[609,616],{"type":610,"attrs":611},"link",{"href":612,"uuid":613,"anchor":49,"target":614,"linktype":615},"/article/runaway-rally-before-stabilisation-black-mass-q1-2026-price-review","0d1ae7af-e809-460f-839a-18e8dd2132d1","_blank","story",{"type":603,"attrs":617},{"color":605},{"text":619,"type":600,"marks":620},", especially for high-grade batches sourced from production scrap, boosted by several bullish factors. Other ",[621],{"type":603,"attrs":622},{"color":605},{"text":624,"type":600,"marks":625},"black mass",[626,630],{"type":610,"attrs":627},{"href":628,"uuid":629,"anchor":49,"target":614,"linktype":615},"/article/dry-vs-wet-shredding-which-is-best-for-black-mass-quality-","7870068a-8393-4e3b-8c1b-9bb08d5f59ed",{"type":603,"attrs":631},{"color":605},{"text":633,"type":600,"marks":634}," 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.",[635],{"type":603,"attrs":636},{"color":605},{"type":638,"attrs":639},"blok",{"id":640,"body":641},"cfc97dbe-fcbb-421f-b73a-2934b2bf84f9",[642],{"id":643,"_uid":644,"type":645,"component":646,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28918724","i-2f83f837-445b-430f-915f-484a30d906db","visualisation","ContentFlourish",{"type":648,"attrs":649,"content":651},"heading",{"level":650,"textAlign":49},2,[652],{"text":653,"type":600,"marks":654},"What is driving up NCM black mass payables?",[655,657],{"type":603,"attrs":656},{"color":605},{"type":658},"bold",{"type":595,"attrs":660,"content":661},{"textAlign":49},[662],{"text":663,"type":600,"marks":664},"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. ",[665],{"type":603,"attrs":666},{"color":605},{"type":595,"attrs":668,"content":669},{"textAlign":49},[670,675,684],{"text":671,"type":600,"marks":672},"Last August, China opened its borders to ",[673],{"type":603,"attrs":674},{"color":605},{"text":676,"type":600,"marks":677},"black mass imports",[678,682],{"type":610,"attrs":679},{"href":680,"uuid":681,"anchor":49,"target":614,"linktype":615},"/article/china-reduces-import-tariffs-for-recycled-black-mass","b30cf2f8-8f83-40e9-8d1f-5775ac7c0b60",{"type":603,"attrs":683},{"color":605},{"text":685,"type":600,"marks":686},". 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.",[687],{"type":603,"attrs":688},{"color":605},{"type":595,"attrs":690,"content":691},{"textAlign":49},[692],{"text":693,"type":600,"marks":694},"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.",[695],{"type":603,"attrs":696},{"color":605},{"type":648,"attrs":698,"content":699},{"level":650,"textAlign":49},[700],{"text":701,"type":600,"marks":702},"How can payables exceed 100%?",[703,705],{"type":603,"attrs":704},{"color":605},{"type":658},{"type":595,"attrs":707,"content":708},{"textAlign":49},[709,714,716],{"text":710,"type":600,"marks":711},"Despite initially seeming illogical, there are several reasons why black mass payables can rise over 100% on a Ni/Co basis. ",[712],{"type":603,"attrs":713},{"color":605},{"text":715,"type":600},"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":717,"type":600,"marks":718},". As a result, when lithium prices are increasing, this can drag the payables up higher than they otherwise would be.",[719],{"type":603,"attrs":720},{"color":605},{"type":595,"attrs":722,"content":723},{"textAlign":49},[724],{"text":725,"type":600,"marks":726},"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.",[727],{"type":603,"attrs":728},{"color":605},{"type":595,"attrs":730,"content":731},{"textAlign":49},[732],{"text":733,"type":600,"marks":734},"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.",[735],{"type":603,"attrs":736},{"color":605},"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.",[739],{"slug":544,"name":543,"content":740},{"job_title":557,"image":741,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},"article",[744,746,749,751],{"slug":745,"name":373},"black-mass",{"slug":747,"name":748},"recycling","Recycling",{"slug":750,"name":150},"nickel",{"slug":752,"name":115},"cobalt","private",{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":755},{},{"id":757,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":758,"copyright":547,"fieldtype":553,"meta_data":759,"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",{"id":763,"uuid":764,"name":765,"slug":766,"full_slug":767,"content":768},173990225337459,"75899671-0912-4901-9329-9beb66e377f9","Why is the US battery recycling market struggling? ","why-is-the-us-battery-recycling-market-struggling-","article/why-is-the-us-battery-recycling-market-struggling-",{"_uid":769,"date":770,"tags":771,"editor":781,"content":791,"excerpt":1032,"featured":51,"reporter":1033,"component":742,"seo_title":765,"categories":1056,"visibility":753,"data_vis_image":1058,"featured_image":1060,"seo_description":1064,"formattedDate":1065},"25df2bc6-4fb1-4d34-9bc9-11dc0b7438dc","2026-05-07 00:00",[772,775,778],{"slug":773,"name":774},"ascend-elements","Ascend Elements",{"slug":776,"name":777},"usa","USA",{"slug":779,"name":780},"north-america","North America",[782],{"slug":783,"name":784,"content":785},"matthew-bird","Matthew Bird",{"job_title":786,"image":787,"bio":789,"linkedin":790},"Senior Editor - Supply Chains & Data Visualisation",{"filename":788},"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":592,"content":792},[793,815,838,874,882,896,910,918,954,962,969,982,990,1003,1016,1024],{"type":595,"attrs":794,"content":795},{"textAlign":49},[796,801,810],{"text":797,"type":600,"marks":798},"In April 2026, ",[799],{"type":603,"attrs":800},{"color":547},{"text":774,"type":600,"marks":802},[803,808],{"type":610,"attrs":804},{"href":805,"uuid":806,"anchor":49,"target":807,"linktype":615},"/videos/producing-battery-materials-in-the-us-interview-with-ascend-elements-co-founder-eric-gatz","6811f817-e5b9-4462-865e-1f9fcc384df3","_self",{"type":603,"attrs":809},{"color":547},{"text":811,"type":600,"marks":812}," filed for bankruptcy, citing “insurmountable” financial challenges despite having raised over USD 1.1 billion. It will continue operations through the Chapter 11 restructuring process. ",[813],{"type":603,"attrs":814},{"color":547},{"type":595,"attrs":816,"content":818},{"textAlign":817},"left",[819,824,833],{"text":820,"type":600,"marks":821},"The company faced headwinds from a slowdown in the ",[822],{"type":603,"attrs":823},{"color":547},{"text":825,"type":600,"marks":826},"US electric vehicle market",[827,831],{"type":610,"attrs":828},{"href":829,"uuid":830,"anchor":49,"target":807,"linktype":615},"/article/us-ev-demand-shift-and-bess-growth-who-deployed-the-most-batteries-in-2025-","efc32e74-520d-4632-b92b-53006fecdeef",{"type":603,"attrs":832},{"color":547},{"text":834,"type":600,"marks":835},", alongside the withdrawal of the unspent portion of its $316 million grant the US Department of Energy (DOE) for its Kentucky facility. ",[836],{"type":603,"attrs":837},{"color":547},{"type":595,"attrs":839,"content":840},{"textAlign":817},[841,846,855,860,869],{"text":842,"type":600,"marks":843},"This marks the second bankruptcy at a major US ",[844],{"type":603,"attrs":845},{"color":547},{"text":847,"type":600,"marks":848},"battery recycler",[849,853],{"type":610,"attrs":850},{"href":851,"uuid":852,"anchor":49,"target":807,"linktype":615},"/videos/what-are-the-recent-global-trends-for-the-recycling-industry","143d86b7-e6fc-4330-91a9-1219ccb41f56",{"type":603,"attrs":854},{"color":547},{"text":856,"type":600,"marks":857},", following ",[858],{"type":603,"attrs":859},{"color":547},{"text":861,"type":600,"marks":862},"Li-Cycle’s",[863,867],{"type":610,"attrs":864},{"href":865,"uuid":866,"anchor":49,"target":807,"linktype":615},"/article/the-bottleneck-in-the-industry-is-on-the-refining-capacity-qa-with-li-cycle-co-founder-tim-johnston","935fbe25-803c-42fc-980f-f3a6aa0ec3b2",{"type":603,"attrs":868},{"color":547},{"text":870,"type":600,"marks":871}," collapse in May 2025, underscoring increasing financial stress across the sector. ",[872],{"type":603,"attrs":873},{"color":547},{"type":595,"attrs":875,"content":876},{"textAlign":817},[877],{"text":878,"type":600,"marks":879},"Today, many North American recycling companies remain small- to mid-sized startups operating in a structurally challenging environment characterised by overseas reliance, limited feedstock availability, high capital intensity, and dependence on government support. As the industry develops, further consolidation and financial challenges could well become more common. ",[880],{"type":603,"attrs":881},{"color":547},{"type":648,"attrs":883,"content":884},{"level":650,"textAlign":817},[885,891],{"text":886,"type":600,"marks":887},"Key challenges in the US recycling market",[888,890],{"type":603,"attrs":889},{"color":547},{"type":658},{"text":892,"type":600,"marks":893}," ",[894],{"type":603,"attrs":895},{"color":547},{"type":648,"attrs":897,"content":899},{"level":898,"textAlign":817},3,[900,906],{"text":901,"type":600,"marks":902},"Low scrap volumes and shifting chemistry landscape",[903,905],{"type":603,"attrs":904},{"color":547},{"type":658},{"text":892,"type":600,"marks":907},[908],{"type":603,"attrs":909},{"color":547},{"type":595,"attrs":911,"content":912},{"textAlign":817},[913],{"text":914,"type":600,"marks":915},"Since 2025, US EV market growth has underperformed expectations due to policy shifts, such as the removal of the federal tax credits on EVs, resulting in repeated suspensions and cancellations of battery production projects. This has constrained upstream battery output growth and intensified competition amongst recyclers for limited production scrap feedstock, placing pressure on utilisation rates and thus margins. ",[916],{"type":603,"attrs":917},{"color":547},{"type":595,"attrs":919,"content":920},{"textAlign":817},[921,926,935,940,949],{"text":922,"type":600,"marks":923},"At the same time, the rapid expansion of the battery energy stationary storage (BESS) market alongside the shift from ",[924],{"type":603,"attrs":925},{"color":547},{"text":927,"type":600,"marks":928},"NCM to LFP chemistry",[929,933],{"type":610,"attrs":930},{"href":931,"uuid":932,"anchor":49,"target":807,"linktype":615},"/article/lges-signs-4-3-billion-bess-cell-supply-deal-with-tesla","c9e36cab-5f2c-4a05-9341-1aad24c0277d",{"type":603,"attrs":934},{"color":547},{"text":936,"type":600,"marks":937}," is reshaping the traditional North American recycling landscape. This transition is forcing recyclers to adapt their business models to changing feedstock composition and end-market demand. For example, Redwood Materials has increased its focus on battery second-life applications, repositioning itself more directly within the ",[938],{"type":603,"attrs":939},{"color":547},{"text":941,"type":600,"marks":942},"BESS value chain",[943,947],{"type":610,"attrs":944},{"href":945,"uuid":946,"anchor":49,"target":807,"linktype":615},"/article/us-bess-cell-demand-outstripping-north-american-production-until-2028-despite-tariffs","e10ddd56-09be-471c-ab8b-7f1503670661",{"type":603,"attrs":948},{"color":547},{"text":950,"type":600,"marks":951},". ",[952],{"type":603,"attrs":953},{"color":547},{"type":595,"attrs":955,"content":956},{"textAlign":817},[957],{"text":958,"type":600,"marks":959},"Maintaining consistent access to feedstock remains a central factor in recycler resilience. Greater integration with upstream and downstream segments can help mitigate volatility and strengthen operational stability. ",[960],{"type":603,"attrs":961},{"color":547},{"type":638,"attrs":963},{"id":964,"body":965},"6a16ce63-dd2a-42be-8161-21e4f3ea3941",[966],{"id":967,"_uid":968,"type":645,"component":646,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28871648","i-389a22bf-1fc1-4228-bea9-6231cebe886f",{"type":648,"attrs":970,"content":971},{"level":898,"textAlign":817},[972,978],{"text":973,"type":600,"marks":974},"Policy uncertainty and declining DOE funding",[975,977],{"type":603,"attrs":976},{"color":547},{"type":658},{"text":892,"type":600,"marks":979},[980],{"type":603,"attrs":981},{"color":547},{"type":595,"attrs":983,"content":984},{"textAlign":817},[985],{"text":986,"type":600,"marks":987},"Many US recyclers have historically depended on DOE funding to support expansion projects. However, increasing policy uncertainty and funding cancellations have forced companies to delay or pause capacity growth plans and seek alternative financing sources, such as private investment. This has weakened long-term visibility and increased execution risk in an already capital-intensive industry. ",[988],{"type":603,"attrs":989},{"color":547},{"type":595,"attrs":991,"content":992},{"textAlign":817},[993,998],{"text":994,"type":600,"marks":995},"While policy support, especially DOE funding in the US, has been a major catalyst for industry growth, heavy reliance on public funding creates structural vulnerability and should not be depended upon to create a viable business model.",[996],{"type":603,"attrs":997},{"color":547},{"text":892,"type":600,"marks":999},[1000],{"type":603,"attrs":1001},{"color":1002},"#D13438",{"type":648,"attrs":1004,"content":1005},{"level":898,"textAlign":817},[1006,1012],{"text":1007,"type":600,"marks":1008},"Technology complexity with rising commercialisation costs",[1009,1011],{"type":603,"attrs":1010},{"color":547},{"type":658},{"text":892,"type":600,"marks":1013},[1014],{"type":603,"attrs":1015},{"color":547},{"type":595,"attrs":1017,"content":1018},{"textAlign":817},[1019],{"text":1020,"type":600,"marks":1021},"The complexity of technological hurdles in battery recycling, especially black mass refining, together with escalating commercialisation costs, has often been underestimated, placing increasing pressure on US recyclers. This has led several developers to revisit their original process routes to improve economics and simplify operations. ",[1022],{"type":603,"attrs":1023},{"color":547},{"type":595,"attrs":1025,"content":1026},{"textAlign":817},[1027],{"text":1028,"type":600,"marks":1029},"Ascend Elements, for example, shifted from earlier Hydro-to-Cathode plans towards lithium carbonate production to streamline processing and enhance project viability. Similarly, Li-Cycle was forced to restructure its hub-based hydrometallurgical model, from chemical production to lithium and MHP production, amid cost overruns and scalability challenges, but ultimately failed to execute its strategy and entered bankruptcy.",[1030],{"type":603,"attrs":1031},{"color":547},"In April 2026, Ascend Elements filed for bankruptcy, citing “insurmountable” financial challenges despite having raised over USD 1.1 billion. It will continue operations through the Chapter 11 restructuring process. \n\nThe company faced headwinds from a slowdown in the US electric vehicle market, alongside the withdrawal of the unspent portion of its $316 million grant the US Department of Energy (DOE) for its Kentucky facility. \n\nThis marks the second bankruptcy at a major US battery recycler, following Li-Cycle’s collapse in May 2025, underscoring increasing financial stress across the sector. ",[1034,1044,1047],{"slug":1035,"name":1036,"content":1037},"jessie-xu","Jessie Xu",{"job_title":1038,"image":1039,"bio":1041,"linkedin":1042,"markets_covered":1043},"Senior Analyst - Recycling",{"filename":1040},"https://a.storyblok.com/f/287943243085208/400x400/b507d64652/jessie-xu.jpeg","Jessie is a Senior Analyst on the downstream team covering the global battery recycling market. She also leads research on the Chinese battery recycling market. She works closely on the Battey Recycling Capacity Database and Battery Recycling Forecast. Jessie graduated from the University College London with a MSc degree in Geoscience.","https://www.linkedin.com/in/jessiexu687/","Battery recycling ",{"slug":544,"name":543,"content":1045},{"job_title":557,"image":1046,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},{"slug":1048,"name":1049,"content":1050},"beatrice-browning","Beatrice Browning",{"job_title":1051,"image":1052,"bio":1054,"linkedin":1055,"markets_covered":748},"Battery Recycling Technology Lead",{"filename":1053},"https://a.storyblok.com/f/287943243085208/3035x3794/a96e9c1415/beatrice-browning-2024-2.jpg","Beatrice is the Battery Recycling Technology Lead at Benchmark Mineral Intelligence, who has been working in the lithium ion battery recycling space for 6 years. She has been involved with Benchmark's recycling forecast since March 2022, tracking regional advancements in battery recycling infrastructure, technologies, and policy frameworks to build up a global understanding of the lithium-ion battery recycling market. She completed her PhD in battery recycling in March 2024, which has given her an in-depth technical understanding of lithium-ion battery recycling techniques.","https://www.linkedin.com/in/dr-beatrice-browning-20940b78/",[1057],{"slug":747,"name":748},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":1059},{},{"id":1061,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1062,"copyright":547,"fieldtype":553,"meta_data":1063,"is_external_url":50},129065133139506,"https://a.storyblok.com/f/287943243085208/93edcc0388/bm-ascend-elements-recycling.jpg",{},"In April 2026, Ascend Elements filed for bankruptcy, citing “insurmountable” financial challenges despite having raised over USD 1.1 billion. It will continue operations through the Chapter 11 restructuring process. ","May 07, 2026",{"id":1067,"uuid":1068,"name":1069,"slug":1070,"full_slug":1071,"content":1072},165789935154098,"9e149244-10b5-4bac-a43c-079b19971251","Production quotas control nickel price: Nickel Q1 2026 Price Review","production-quotas-control-nickel-price-nickel-q1-2026-price-review","article/production-quotas-control-nickel-price-nickel-q1-2026-price-review",{"_uid":1073,"date":1074,"tags":1075,"editor":1088,"content":1092,"excerpt":1098,"featured":51,"reporter":1214,"component":742,"seo_title":1218,"categories":1219,"visibility":753,"data_vis_image":1224,"featured_image":1228,"seo_description":1232,"formattedDate":1233},"4ebb60e7-d065-4627-ac66-520e318e72d5","2026-04-14 00:00",[1076,1079,1082,1085],{"slug":1077,"name":1078},"data-visualisation","Data Visualisation",{"slug":1080,"name":1081},"nickel-prices","Nickel prices",{"slug":1083,"name":1084},"indonesia","Indonesia",{"slug":1086,"name":1087},"quarterly-price-review","Quarterly Price Review",[1089],{"slug":783,"name":784,"content":1090},{"job_title":786,"image":1091,"bio":789,"linkedin":790},{"filename":788},{"type":592,"content":1093},[1094,1103,1125,1147,1154,1162,1184,1192,1202],{"type":595,"attrs":1095,"content":1096},{"textAlign":49},[1097],{"text":1098,"type":600,"marks":1099},"The nickel market experienced a relatively volatile first quarter in 2026 as metal prices rallied on the back of supply-side concerns. Prices for Benchmark’s EXW China nickel sulphate price grade rose by 18.6% throughout the quarter, responding to supply concerns from Indonesia and a broader battery metal price rally.",[1100],{"type":603,"attrs":1101},{"color":1102},"#18181B",{"type":595,"attrs":1104,"content":1105},{"textAlign":49},[1106,1111,1120],{"text":1107,"type":600,"marks":1108},"In early January, rumours surrounding tighter ",[1109],{"type":603,"attrs":1110},{"color":1102},{"text":1112,"type":600,"marks":1113},"Indonesian RKAB nickel ore production quotas",[1114,1118],{"type":610,"attrs":1115},{"href":1116,"uuid":1117,"anchor":49,"target":807,"linktype":615},"/article/indonesia-announces-significantly-lower-nickel-rkab-quotas","4f8ae390-bfc8-4b79-8cf8-766487872aaa",{"type":603,"attrs":1119},{"color":1102},{"text":1121,"type":600,"marks":1122}," lifted metal prices as well as elevating nickel sulphate and MHP prices too. Supply concerns deepened later in the month as the quotas were formally announced as near-term ore availability was pulled into question, keeping nickel prices supported and MHP payables firm.",[1123],{"type":603,"attrs":1124},{"color":1102},{"type":595,"attrs":1126,"content":1127},{"textAlign":49},[1128,1133,1142],{"text":1129,"type":600,"marks":1130},"Market players were clear, however, that this was not a demand-led rally, with ",[1131],{"type":603,"attrs":1132},{"color":1102},{"text":1134,"type":600,"marks":1135},"prices largely tracking gains",[1136,1140],{"type":610,"attrs":1137},{"href":1138,"uuid":1139,"anchor":49,"target":807,"linktype":615},"/article/deja-vu-in-battery-raw-materials-is-the-2021-playbook-repeating-","d935e80b-5abf-484c-a751-e698ccaf6e18",{"type":603,"attrs":1141},{"color":1102},{"text":1143,"type":600,"marks":1144}," in the LME nickel metal price rather than any clear improvement in nickel-based chemistry battery demand. From mid-January, midstream players resisted higher sulphate prices to protect margins, whilst downstream consumers mostly adopted a wait-and-see approach, viewing the rally as disconnected from prevailing market fundamentals.",[1145],{"type":603,"attrs":1146},{"color":1102},{"type":638,"attrs":1148},{"id":1149,"body":1150},"5531a1d4-9354-421a-b5a2-a9839240c20e",[1151],{"id":1152,"_uid":1153,"type":645,"component":646,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28515065","i-4fb6d44e-1641-447d-8d54-441bc8895698",{"type":595,"attrs":1155,"content":1156},{"textAlign":49},[1157],{"text":1158,"type":600,"marks":1159},"Throughout February, prices softened as LME nickel retreated amidst a broader commodity sell-off, whilst the CNY period constrained market activity with several consumers temporarily offline. Even so, feedstock prices did not fall sharply, as limited MHP availability, cobalt supply tightness and the dominance of long-term contracts kept payables elevated.",[1160],{"type":603,"attrs":1161},{"color":1102},{"type":595,"attrs":1163,"content":1164},{"textAlign":49},[1165,1170,1179],{"text":1166,"type":600,"marks":1167},"Despite the Indonesian government disclosing that it plans to supplement the initial RKAB production quotas in July, March brought a somewhat firmer tone. This robustness stemmed from ",[1168],{"type":603,"attrs":1169},{"color":1102},{"text":1171,"type":600,"marks":1172},"Middle Eastern sulphur supply concerns for HPAL operations",[1173,1177],{"type":610,"attrs":1174},{"href":1175,"uuid":1176,"anchor":49,"target":807,"linktype":615},"/article/what-does-the-middle-east-conflict-mean-for-battery-supply-chains-","3ba99529-b0e2-4bd1-b7d2-2189b7845e75",{"type":603,"attrs":1178},{"color":1102},{"text":1180,"type":600,"marks":1181},", ongoing ore tightness, and disruptions in Madagascar and Cuba, which maintained resilient prices. Even so, the demand backdrop remained underwhelming and most market players saw little evidence of a near-term recovery in nickel-based battery chemicals consumption.",[1182],{"type":603,"attrs":1183},{"color":1102},{"type":595,"attrs":1185,"content":1186},{"textAlign":49},[1187],{"text":1188,"type":600,"marks":1189},"Overall, Q1 2026 was defined less by improving downstream demand than by recurring supply-side risks, thin spot liquidity and continued sensitivity to Indonesian policy and broader macro sentiment.",[1190],{"type":603,"attrs":1191},{"color":1102},{"type":595,"attrs":1193,"content":1194},{"textAlign":49},[1195],{"text":1196,"type":600,"marks":1197},"This is the second in a series of articles looking at Q1 2026 critical mineral price trends. The rest of the series can be found below (will be updated as more are released):",[1198,1200],{"type":603,"attrs":1199},{"color":1102},{"type":1201},"italic",{"type":595,"attrs":1203,"content":1204},{"textAlign":49},[1205],{"text":1206,"type":600,"marks":1207},"Volatile, yet robust: Lithium Q1 2026 Price Review",[1208,1212],{"type":610,"attrs":1209},{"href":1210,"uuid":1211,"anchor":49,"target":807,"linktype":615},"/article/volatile-yet-robust-lithium-q1-2026-price-review","fd98e9b3-113b-4179-b249-104c9389ba9f",{"type":603,"attrs":1213},{"color":605},[1215],{"slug":544,"name":543,"content":1216},{"job_title":557,"image":1217,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},"RKAB quotas control nickel price: Nickel Q1 2026 Price Review",[1220,1223],{"slug":1221,"name":1222},"critical-minerals","Critical Minerals",{"slug":750,"name":150},{"id":1225,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1226,"copyright":547,"fieldtype":553,"meta_data":1227,"is_external_url":50},165792639601595,"https://a.storyblok.com/f/287943243085208/1588x1324/07f8a2e26a/nickel-prices-in-q1-2026-were-controlled-by-indonesia-s-rkab-quota-changes-2x-1.png",{},{"id":1229,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1230,"copyright":547,"fieldtype":553,"meta_data":1231,"is_external_url":50},129070300209331,"https://a.storyblok.com/f/287943243085208/0088effcc6/bm-nickel-smelter1.jpg",{},"The nickel market experienced a relatively volatile first quarter in 2026 as metal prices rallied on the back of supply-side concerns. Prices for Benchmark’s EXW China nickel sulphate price grade rose by 18.6% throughout the quarter.","Apr 14, 2026",{"id":1235,"uuid":681,"name":1236,"slug":1237,"full_slug":1238,"content":1239},133953837033587,"China reduces import tariffs for recycled black mass","china-reduces-import-tariffs-for-recycled-black-mass","article/china-reduces-import-tariffs-for-recycled-black-mass",{"_uid":1240,"date":1241,"tags":1242,"editor":1246,"content":1250,"excerpt":1359,"featured":51,"reporter":1360,"_editable":1364,"component":742,"seo_title":1236,"categories":1365,"visibility":1370,"author_company":49,"data_vis_image":1371,"featured_image":1374,"seo_description":1377,"author_full_name":49,"author_job_title":49,"formattedDate":1378},"8acb4f1e-197a-4ba8-a8c8-af7996777a03","2026-01-09 00:00",[1243,1244,1245],{"slug":745,"name":373},{"slug":576,"name":577},{"slug":1077,"name":1078},[1247],{"slug":783,"name":784,"content":1248},{"job_title":786,"image":1249,"bio":789,"linkedin":790},{"filename":788},{"type":592,"content":1251},[1252,1257,1271,1283,1291,1297,1310,1315,1328,1333,1346,1351],{"type":595,"attrs":1253,"content":1254},{"textAlign":49},[1255],{"text":1256,"type":600},"China’s government lowered its import tariffs on black mass, amongst a broad suite of other goods, as part of its “2026 Tariff Adjustment Plan”. As of 1 January 2026, import tariffs on black mass have been cut to 3%, from 6.5%, representing a significant drop in the costs of importing the material into the country.",{"type":595,"attrs":1258,"content":1259},{"textAlign":49},[1260,1262,1269],{"text":1261,"type":600},"China had an excess black mass refining capacity of 1.5 million tonnes in 2025 and this is set to grow to 5.3 million tonnes by 2030. The tariff reduction could increase the availability of black mass to China’s refiners, though potentially at the expense of those in ",{"text":1263,"type":600,"marks":1264},"Europe and North America",[1265],{"type":610,"attrs":1266},{"href":1267,"uuid":49,"anchor":49,"target":49,"linktype":1268},"https://source.benchmarkminerals.com/article/in-charts-comparing-the-european-and-north-american-black-mass-markets","url",{"text":1270,"type":600},".",{"type":595,"attrs":1272,"content":1273},{"textAlign":49},[1274,1276,1281],{"text":1275,"type":600},"“The revised import tariffs highlight China’s need to gain access to more black mass feedstock to fuel its world-leading recycling infrastructure,” said ",{"text":1049,"type":600,"marks":1277},[1278],{"type":610,"attrs":1279},{"href":1280,"uuid":49,"anchor":49,"target":49,"linktype":1268},"https://source.benchmarkminerals.com/video/watch/what-are-the-recent-global-trends-for-the-recycling-industry",{"text":1282,"type":600},", Benchmark’s battery recycling technology lead. “This will enable China to maintain its control over global critical mineral supply and enhance recycler profit margins.”",{"type":638,"attrs":1284},{"id":1285,"body":1286},"3c4102dd-e9ba-4549-8c9c-e6d965c9fab9",[1287],{"id":1288,"_uid":1289,"type":645,"_editable":1290,"component":646,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27144399","i-933b1bc0-e0b8-4b39-9081-8b1f488fe82b","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-933b1bc0-e0b8-4b39-9081-8b1f488fe82b\", \"id\": \"\"}-->",{"type":648,"attrs":1292,"content":1294},{"level":1293,"textAlign":49},4,[1295],{"text":1296,"type":600},"Where does China get black mass from?",{"type":595,"attrs":1298,"content":1299},{"textAlign":49},[1300,1302,1308],{"text":1301,"type":600},"The move follows the Chinese government’s decision to ",{"text":1303,"type":600,"marks":1304},"legalise the importation of black mass in August 2025",[1305],{"type":610,"attrs":1306},{"href":1307,"uuid":49,"anchor":49,"target":49,"linktype":1268},"https://source.benchmarkminerals.com/article/q3-2025-black-mass-price-review-china-lifts-black-mass-import-restrictions",{"text":1309,"type":600},". Although black mass is now legally entering the country as a result of this change, clearance at customs is scrupulous, typically lasting between 5-10 days. This is due to the strict content requirements, especially for water-soluble fluoride and heavy metals, which have meant that a large portion of batches have been rejected.",{"type":595,"attrs":1311,"content":1312},{"textAlign":49},[1313],{"text":1314,"type":600},"Due to the stringent requirements set out in Chinese legislation, some Chinese buyers are using subsidiaries and third parties to procure overseas material to avoid regulatory scrutiny. As of now, most players are carrying out limited overseas procurement as they ‘test the water’ with smaller volume transactions of high-quality production scrap feed black mass.",{"type":595,"attrs":1316,"content":1317},{"textAlign":49},[1318,1320,1326],{"text":1319,"type":600},"Most of China’s black mass imports originate from ASEAN (Association of Southeast Asian Nations) countries, which already benefit from zero-tariff treatment. As a result, the impact of this tariff amendment on those nations is likely to be negligible. Trade with Europe (for ",{"text":1321,"type":600,"marks":1322},"product status",[1323],{"type":610,"attrs":1324},{"href":1325,"uuid":49,"anchor":49,"target":49,"linktype":1268},"https://source.benchmarkminerals.com/article/eu-classifies-black-mass-as-hazardous-waste-to-reduce-critical-mineral-leakage",{"text":1327,"type":600}," material) and North America will be more significantly affected.",{"type":595,"attrs":1329,"content":1330},{"textAlign":49},[1331],{"text":1332,"type":600},"In these affected regions, Benchmark expects that the changes will extend the purchasing power advantage of Chinese buyers over their competition, enabling them to seize more of the feedstock supply available globally and raise domestic utilisation rates.",{"type":595,"attrs":1334,"content":1335},{"textAlign":49},[1336,1338,1344],{"text":1337,"type":600},"Payables for ",{"text":1339,"type":600,"marks":1340},"NCM black mass from EOL feedstock",[1341],{"type":610,"attrs":1342},{"href":1343,"uuid":49,"anchor":49,"target":49,"linktype":1268},"https://source.benchmarkminerals.com/article/what-is-black-mass-and-how-is-it-priced",{"text":1345,"type":600}," currently sit at 80–82% on an EXW North America basis and 73–83% on an EXW Europe basis, depending on whether material receives product or hazardous waste status.",{"type":595,"attrs":1347,"content":1348},{"textAlign":49},[1349],{"text":1350,"type":600},"“It is probable that the cut in import tariffs will facilitate more material entering China as domestic buyers outcompete those overseas, however, we foresee rising lithium chemical prices will have a more significant effect on payables in the near term,” said Frederick Bloomfield, a senior black mass pricing analyst at Benchmark.",{"type":638,"attrs":1352},{"id":1353,"body":1354},"b5d9c256-b041-4cf8-9d98-8b29c49cb66e",[1355],{"id":1356,"_uid":1357,"type":645,"_editable":1358,"component":646,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27144276","i-c6672237-bf4e-4794-bd91-9b981b36f079","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-c6672237-bf4e-4794-bd91-9b981b36f079\", \"id\": \"\"}-->","China’s government lowered its import tariffs on black mass, amongst a broad suite of other goods, as part of its “2026 Tariff Adjustment Plan”. As of 1 January 2026, import tariffs on black mass have been cut to 3%, from 6.5%, representing a significant drop in the costs of importing the material into the country. […]",[1361],{"slug":544,"name":543,"content":1362},{"job_title":557,"image":1363,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8acb4f1e-197a-4ba8-a8c8-af7996777a03\", \"id\": \"\"}-->",[1366,1367],{"slug":747,"name":748},{"slug":1368,"name":1369},"sustainability","Sustainability","public",{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1372,"copyright":547,"fieldtype":553,"meta_data":1373,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1767977541/www-production/Copy-of-Recycling-regional-capacity-balance@2x/Copy-of-Recycling-regional-capacity-balance@2x.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1375,"copyright":547,"fieldtype":553,"meta_data":1376,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/4094602522/bm-adobestock-438850427.jpeg",{"alt":547,"title":547,"source":547,"copyright":547},"China’s government lowered its import tariffs on black mass, amongst a broad suite of other goods, as part of its “2026 Tariff Adjustment Plan”. As of 1 January 2026, import tariffs on black mass have been cut to 3%, from 6.5% […]","Jan 09, 2026",1783093201740]