Metals & Mining Theme, Non-Ferrous

March 05, 2024

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

Platts, part of S&P Global Commodity Insights, is 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 maximum accepted level for impurities, effective April 2.

Platts will also 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).

Platts initially proposed the specification changes on Feb. 15, in a subscriber note available at:

https://www.spglobal.com/commodityinsights/en/our-methodology/subscriber-notes/021524-platts-proposes-to-change-european-black-mass-quality-specification-lithium-component-formula

Following market feedback, Platts has revised the Nickel content minimum to 12%, up from the original proposal of 10%, to better reflect the minimum nickel content in Ni-Co black mass deemed acceptable by black mass buyers in the European market.

The specification changes are as follows:

Assessment Symbols Current Quality specifications Updated 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 12%; 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 12%; 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 12%; 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 12%; Less than 5% combined Cu, Al, Fe

The formula for the lithium component of the Ni-Co black mass calculated price will be changed as follows:

Current formula Updated 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.

Please submit any comments or questions to battery_metals@spglobal.com and pricegroup@spglobal.com.

For written comments, please provide a clear indication if comments questions 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.