Metals & Mining Theme, Non-Ferrous

February 15, 2024

Platts proposes to change European black mass quality specification, lithium component formula

Platts, part of S&P Global Commodity Insights, is proposing to change the quality specification of its Nickel-Cobalt (Ni-Co) black mass ex-works Europe assessments by lowering the minimum content of lithium, cobalt and nickel while adding a minimum level for impurities, effective April 2.

Platts is also proposing to update the formula used for calculating the lithium component value in the Ni-Co black mass EXW Europe calculated price, moving the component basis to the Platts Lithium Carbonate CIF Europe assessment (LCCIF00) from the Platts Lithium Carbonate CIF North Asia assessment (BATLC04).

The proposal to reflect lower metal content minimums considers initial market feedback that given the varying quality of Ni-Co black mass available in the European spot market, a lower minimum content level for lithium, cobalt and nickel, as well as the introduction of minimum impurities, would better reflect the bulk of the material currently traded in Europe.

The proposed specification changes are as follows:

Assessment Symbols Current Quality specifications Proposed Quality specifications
Ni-Co black mass EXW Europe lithium payables Daily: NBMEA00 Monthly average: NBMEA03 Min Li 4%, Co 10%, Ni 20% Min Li 3%, Co 5%, Ni 10%; Less than 5% combined Cu, Al, Fe
Ni-Co black mass EXW Europe cobalt payables Daily: NBMEB00 Monthly average: NBMEB03 Min Li 4%, Co 10%, Ni 20% Min Li 3%, Co 5%, Ni 10%; Less than 5% combined Cu, Al, Fe
Ni-Co black mass EXW Europe nickel payables Daily: NBMEC00 Monthly average: NBMEC03 Min Li 4%, Co 10%, Ni 20% Min Li 3%, Co 5%, Ni 10%; Less than 5% combined Cu, Al, Fe
Ni-Co black mass EXW Europe calculated price $/mt Daily: NBMED00 Monthly average: NBMED03 Min Li 4%, Co 10%, Ni 20% Min Li 3%, Co 5%, Ni 10%; Less than 5% combined Cu, Al, Fe

The proposed change to the formula for the lithium component of the Ni-Co black mass calculated price is:

Current formula Proposed formula
Calculated lithium component = Ni-Co black mass EXW Europe lithium payable (NBMEA00) x Platts Lithium Carbonate CIF North Asia (BATLC04) / lithium metal conversion factor (0.19) x lithium base content (0.04) Calculated lithium component = Ni-Co black mass EXW Europe lithium payable (NBMEA00) x Platts Lithium Carbonate CIF Europe (LCCIF00) / lithium metal conversion factor (0.19) x lithium base content (0.03)

Platts black mass assessments are published on Platts Nonferrous Metals Alert pages, Platts Metals Daily, Platts Connect, Platts Market Center, and in the Platts price database under the symbols listed above.

The assessments are included on pages MTL8888 and PMA8888, alongside Platts full suite of battery metals assessments.

Platts invites feedback on this proposal to battery_metals@spglobal.com and pricegroup@spglobal.com by Feb. 29.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing.

Platts will consider all comments received and will make comments not marked as confidential available upon request.