Quarter Ending June 2026
Global black mass battery recycling markets exhibited intense competition for limited feedstock and strong regional commercial valuation premiums in Q2 2026. High-grade NCM black mass payables firmed globally, reflecting higher contained value across nickel, cobalt, lithium, and copper fractions. In the Asia-Pacific region, Delivered China and CIF South Korea payables for high-grade NCM black mass ranged from 76–82% of contained metal value, translating to an indicative flat price equivalent of USD 4,200–5,100/MT, driven by fierce competition among hydrometallurgical processors.
In Europe, DDP Europe payables traded at 72–78% with indicative flat prices of USD 4,500–5,500/MT, reflecting higher regional logistics costs, strict environmental compliance overhead, and expanding regional refining capacity. North America commanded the highest global commercial valuation, with DDP North America payables reaching 75–82% and indicative flat prices of USD 4,800–5,800/MT, as recyclers processing domestic and non-FEOC compliant battery scrap enjoyed strong demand and premium pricing driven by US Inflation Reduction Act (IRA) incentives. Entering Q3 2026, North American and APAC price risks skew bullish to moderately bullish amid scarce feedstock and strong investment, while Europe remains stable.
| Region | Benchmark Specification | QoQ Change | Avg. NCM Payable (% of Contained Metal Value) | Indicative Flat Price Equivalent (USD/MT) | Supply / Demand | Outlook |
|---|---|---|---|---|---|---|
|
APAC |
Delivered China / CIF South Korea (High-Grade NCM Black Mass) |
+2% to +5% |
76–82% Ni/Co |
USD 4,200–5,100 |
Tight High-Grade Feedstock / Strong Demand |
Moderately Bullish |
|
Europe |
DDP Europe (NCM Black Mass) |
+1% to +3% |
72–78% Ni/Co |
USD 4,500–5,500 |
Balanced Feedstock / Growing Refining Capacity |
Stable |
|
North America |
DDP North America (NCM EV Scrap) |
+2% to +4% |
75–82% Ni/Co |
USD 4,800–5,800 |
Scarce Feedstock / Strong Recycling Investment |
Bullish |
Note: Black mass is not a standardized exchange-traded commodity. Commercial transactions are typically negotiated as a payable percentage of the recoverable contained metal value rather than a fixed USD/MT price. The indicative flat price equivalents shown above are derived using representative NCM battery scrap assays, prevailing nickel, cobalt, lithium, and copper prices, typical recovery rates, and prevailing commercial payables. Actual transaction values vary based on chemistry (NCM111/523/622/811 or NCA), moisture, impurities, assay results, refining charges, logistics, and contract terms.
APAC (China & South Korea): Delivered China and CIF South Korea spot values for high-grade NCM black mass firmed to USD 4,200–5,100/MT, backed by payables of 76–82% of contained metal value. Hydrometallurgical refiners in East Asia bid aggressively for high-purity cathode powder containing nickel, cobalt, lithium, and copper credits to maintain plant operating rates amid domestic feedstock deficits.
Europe: DDP Europe benchmarks traded at USD 4,500–5,500/MT (72–78% payables). Europe held a premium over Asian spot levels due to higher regional logistics costs, strict environmental permitting and compliance overhead, limited local feedstock availability, and higher overall processing costs as regional refining capacity expands.
North America: DDP North America benchmarks commanded the highest global prices at USD 4,800–5,800/MT (75–82% payables). The passage and implementation of US Inflation Reduction Act (IRA) Section 30D rules drove intense demand for domestic and non-FEOC compliant battery scrap, allowing processors to capture premium commercial valuations.