Metals & Mining Theme, Non-Ferrous
October 02, 2025
Platts launches CIF South Korea black mass assessments
Platts, part of S&P Global Commodity Insights, has launched weekly CIF South Korea black mass spot price assessments, effective Oct. 2.
The new assessments seek to bring greater pricing transparency to a market where black mass recycling capacity has been growing. South Korea has become a key buyer of black mass, importing an average of 2,087 mt/month over January-August, according to data from S&P Global Market Intelligence Global Trade Analytics Suite.
The new assessments complement Platts existing black mass assessments in China, Europe and the US, and further expand Platts coverage of the global recycling supply chain for battery raw materials.
Platts has launched assessments for two categories of nickel-cobalt (Ni-Co) black mass – high-nickel and medium-nickel – alongside lithium-cobalt-oxide (LCO) assessments. High-nickel black mass is typically derived from batteries with a nickel-manganese-cobalt (NMC) 811 chemistry, while mid-nickel black mass is typically derived from batteries of NMC 532 and 622 chemistries. Market research showed that South Korea's black mass demand is predominantly for nickel-cobalt containing batteries from both battery production scrap and end-of-life lithium-ion batteries, followed by LCO batteries.
The new assessments reflect the following specifications:
| Assessment | Symbol (Monthly average) | Quality | Volume | Dimensions | Location | Timing | Payment Terms |
| High-nickel Ni-Co Black Mass CIF South Korea Lithium Payable (%) | NBMMA00(NBMMA03) | Li 3.5%, Co 3%, Ni 24%; Less than 3% combined Cu, Al, Fe | Min 1 container | Powder packed in bags | Busan, South Korea | 15-60 days | TT 30 days |
| High-nickel Ni-Co Black Mass CIF South Korea Nickel Payable (%) | NBMMB00 (NBMMB03) | Li 3.5%, Co 3%, Ni 24%; Less than 3% combined Cu, Al, Fe | Min 1 container | Powder packed in bags | Busan, South Korea | 15-60 days | TT 30days |
| High-nickel Ni-Co Black Mass CIF South Korea Cobalt Payable (%) | NBMMC00 (NBMMC03) | Li 3.5%, Co 3%, Ni 24%; Less than 3% combined Cu, Al, Fe | Min 1 container | Powder packed in bags | Busan, South Korea | 15-60 days | TT 30 days |
| High-nickel Ni-Co Black Mass CIF South Korea Calculated Price($/mt) | NBMMD00 (NBMMD03) | Li 3.5%, Co 3%, Ni 24%; Less than 3% combined Cu, Al, Fe | Min 1 container | Powder packed in bags | Busan, South Korea | 15-60 days | TT 30 days |
| Mid-nickel Ni-Co Black Mass CIF South Korea Lithium Payable (%) | NBMME00 (NBMME03) | Li 3.5%, Co 6%, Ni 15%; Less than 3% combined Cu, Al, Fe | Min 1 container | Powder packed in bags | Busan, South Korea | 15-60 days | TT 30 days |
| Mid-nickel Ni-Co Black Mass CIF South Korea Nickel Payable (%) | NBMMF00 (NBMMF03) | Li 3.5%, Co 6%, Ni 15%; Less than 3% combined Cu, Al, Fe | Min 1 container | Powder packed in bags | Busan, South Korea | 15-60 days | TT 30 days |
| Mid-nickel Ni-Co Black Mass CIF South Korea Cobalt Payable (%) | NBMMG00 (NBMMG03) | Li 3.5%, Co 6%, Ni 15%; Less than 3% combined Cu, Al, Fe | Min 1 container | Powder packed in bags | Busan, South Korea | 15-60 days | TT 30 days |
| Mid-nickel Ni-Co Black Mass CIF South Korea Calculated Price($/mt) | NBMMH00(NBMMH03) | Li 3.5%, Co 6%, Ni 15%; Less than 3% combined Cu, Al, Fe | Min 1 container | Powder packed in bags | Busan, South Korea | 15-60 days | TT 30 days |
| LCO Black Mass CIF South Korea Lithium Payable (%) | LBMMI00 (LBMMI03) | Li 3%, Co 25%; Less than 3% combined Cu, Al, Fe | Min 1 container | Powder packed in bags | Busan, South Korea | 15-60 days | TT 30 days |
| LCO Black Mass CIF South Korea Cobalt Payable (%) | LBMMJ00 (LBMMJ03) | Li 3%, Co 25%; Less than 3% combined Cu, Al, Fe | Min 1 container | Powder packed in bags | Busan, South Korea | 15-60 days | TT 30 days |
| LCO Black Mass CIF South Korea Calculated Price($/mt) | LBMMK00(LBMMK03) | Li 3%, Co 25%; Less than 3% combined Cu, Al, Fe | Min 1 container | Powder packed in bags | Busan, South Korea | 15-60 days | TT 30 days |
The basis quality specifications reflect typical specifications and Platts may normalize information on cargoes with differing specifications to the stated specifications.
Black mass of all origins meeting these specifications may be considered and other grades may be normalized back to Platts basis specifications.
The calculated price for Ni-Co black mass CIF South Korea, applicable to both high- and mid-nickel black mass, is the sum of the following three components:
- Calculated lithium component = Ni-Co black mass CIF South Korea lithium payable x Platts Lithium Carbonate CIF North Asia (BATLC04)/ lithium metal conversion factor x lithium base content
- Calculated cobalt component = Ni-Co black mass CIF South Korea cobalt payable x Platts European Cobalt Metal 99.8% mixed-use basket B (MMAIK00) x cobalt base content
- Calculated nickel component = Ni-Co black mass CIF South Korea nickel payable x LME Nickel official cash monthly average (M-1; LMABF02) x nickel base content
The calculated price for LCO black mass CIF South Korea is the sum of the following two components:
- Calculated lithium component = LCO Black Mass CIF South Korea lithium payable x Platts Lithium Carbonate CIF North Asia (BATLC04)/ lithium metal conversion factor x lithium base content
- Calculated cobalt component = LCO Black Mass CIF South Korea cobalt payable x Platts European Cobalt Metal 99.8% mixed-use basket B (MMAIK00) x cobalt base content
The conversion factor from lithium carbonate to lithium metal is 0.19.
The assessments are published weekly, on Thursdays, with a 4:30 pm Singapore (0830 GMT) timestamp. The payable assessments follow the Singapore holiday publication schedule. The three calculated prices – High-nickel Ni-Co Black Mass CIF South Korea Calculated Price (NBMMD00), Mid-nickel Ni-Co Black Mass CIF South Korea Calculated Price (NBMMH00) and LCO Black Mass CIF South Korea Calculated Price (LBMMK00) – follow both the Singapore and London holiday publication schedules and will not be published on a holiday in either location.
Platts first proposed to launch the assessments on Aug. 19 in a subscriber note available here. Platts communicated the decision to launch the assessments on Sept. 4 in a subscriber note available here.
Full specifications for Platts black mass assessments can be found in the specifications guide for Global Nonferrous Metals.
The assessments and associated monthly averages are published in Platts Metals Daily, Platts Nonferrous Metals Alerts, in the Platts Battery Metals Market Report and in the Platts price database. The weekly assessments are also published on fixed page PMA/MTL5000 and the monthly averages are published on PMA/MTL5001, alongside Platts full suite of black mass monthly average assessments.
Please send feedback, comments and questions to battery_metals@spglobal.com and pricegroup@spglobal.com.
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