Benchmark Mineral Intelligence has commenced a public consultation regarding updates to its Black Mass Price Assessment Methodology. This initiative aims to clarify the categorization of black mass payables by splitting existing indices into distinct black mass and black powder subcategories.
Changes to Black Mass Pricing
The current methodology groups black mass and black powder intermediates without distinction, while separating black mass by the chemistry of the feedstock (NCM, LCO, and LFP). Benchmark noted a significant difference in payables of approximately 20% between lower-quality (shredded packs, modules, cells) and higher-quality outputs (shredded production scrap containing only cathode material). Accordingly, Benchmark proposes designating the former as “black mass” and the latter as “black powder.” This distinction is increasingly relevant in the battery recycling sector.
As part of the consultation, Benchmark will categorize its black mass indices into black mass and black powder within its recycling market coverage, applicable to all incoterms and most chemistries.
Regional Price Categories
There will be no separation of the EXW North America LCO black mass price grade due to a lack of liquidity for LCO black powder in that region, attributed to the absence of local LCO cell production. However, Benchmark will introduce an EXW Europe LCO black mass price grade to broaden its global market coverage.
Quality Specifications for New Categories
In response to stakeholder feedback, Benchmark has proposed specific metal content thresholds for the new price categories, which include:
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NCM Black Mass: Ni 14.0-25.0%, Co 3.0-8.0%, Mn 3.0-10.0%, Li 2.0-4.0%
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NCM Black Powder: Ni 40.0-55.0%, Co 3.0-15.0%, Mn 3.0-15.0%, Li 4.5-7.0%
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LCO Black Mass: Co 18.0-28.0%, Li 2.0-4.0%
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LCO Black Powder: Co 40.0-55.0%, Li 5.5-7.0%
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LFP Black Mass: Li 2.0-4.0%
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LFP Black Powder: Li 4.0-5.0%
The proposal also includes common impurity thresholds for both black mass and black powder categories to ensure quality control in the recycling process.
Benchmark will continue adjusting its price assessments to align with current market conditions. Stakeholders are encouraged to provide their feedback by December 7, 2026. Comments can be submitted to prices@benchmarkminerals.com.
