Metals & Mining Theme, Non-Ferrous

February 16, 2024

Platts proposes to change China Ni-Co black mass quality specification, nickel conversion factor

Platts, part of S&P Global Commodity Insights, is proposing to change the quality specification of its Nickel-Cobalt (Ni-Co) black mass DDP China assessments by lowering the minimum content of lithium, cobalt and nickel while specifying a level for impurities, effective April 1, 2024.

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

Platts is also proposing to update the conversion used to calculate the nickel component value of its Ni-Co black mass DDP China calculated price, moving to a nickel conversion factor of 0.223, from 0.225 currently.

The proposed specification changes are as follows:

Min. Li 4%, Co 10%, Ni 20% Min. Li 3%, Co 5%, Ni 12%; Less than 3% combined Cu, Al, Fe
Assessment Symbols Current Quality Specification Proposed Quality Specification
Ni-Co Black Mass DDP China Calculated Price NBMCD00
Ni-Co Black Mass DDP China Lithium Payable NBMCA00
Ni-Co Black Mass DDP China Cobalt Payable NBMCB00
Ni-Co Black Mass DDP China Nickel Payable NBMCC00

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

Current formula Proposed formula
Calculated nickel component = Ni-Co black mass DDP China nickel payable (NBMCC00) x Platts Nickel Sulfate DDP China (BATNS04)/ nickel metal conversion factor (0.225) x nickel base content (0.2) Calculated nickel component = Ni-Co black mass DDP China nickel payable (NBMCC00) x Platts Nickel Sulfate DDP China (BATNS04)/ nickel metal conversion factor (0.223) x nickel base content (0.12).

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

The assessment is 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 March 1.

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.