Decision to change, clarify Fastmarkets’ NCM black mass payables indicators

Fastmarkets

Apr 14

This decision follows an extensive consultation process originally launched on February 25 and which was open until March 25. This was then extended to April 10 with a decision due by April 15. ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

{"basename":"","ssrTDKData":{"titleTemplate":"%s - Tiger Brokers","title":"Tiger Brokers | Global Stocks, Options & Futures Trading App","description":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","keywords":"tiger brokers,tiger trade,tiger brokers singapore,broker online,stock trading in singapore,share trading singapore,brokerage firm singapore,trading app,stock broker singapore,stock trading platforms,trading account","social":{"ogDescription":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www-web.itiger.com/news/2627247334"},"companyName":"Tiger Brokers"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2627247334\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2627247334?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2026-04-14 12:00","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2627247334","market":"fut","top_or_hot":-1,"title":"Decision to change, clarify Fastmarkets’ NCM black mass payables indicators","media":"Fastmarkets","content":"<div>\n<p>This decision follows an extensive consultation process originally launched on February 25 and which was open until March 25. This was then extended to April 10 with a decision due by April 15.\n...</p>\n\n<a href=\"https://www.fastmarkets.com/insights/decision-to-change-clarify-fastmarkets-ncm-black-mass-payables-indicators/\">Source Link</a>\n\n</div>\n","source":"fastmarkets_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Decision to change, clarify Fastmarkets’ NCM black mass payables indicators</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDecision to change, clarify Fastmarkets’ NCM black mass payables indicators\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-04-14 12:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fastmarkets.com/insights/decision-to-change-clarify-fastmarkets-ncm-black-mass-payables-indicators/><strong>Fastmarkets</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>This decision follows an extensive consultation process originally launched on February 25 and which was open until March 25. This was then extended to April 10 with a decision due by April 15.\n...</p>\n\n<a href=\"https://www.fastmarkets.com/insights/decision-to-change-clarify-fastmarkets-ncm-black-mass-payables-indicators/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"NIKL","symbol_name":"SPROTT NICKEL MINERS ETF","start_time":0,"source_url":"https://www.fastmarkets.com/insights/decision-to-change-clarify-fastmarkets-ncm-black-mass-payables-indicators/","article_id":"2627247334","we_media_id":null,"thumbnails":[],"rights":{"source":"fastmarkets_highlight","url":"https://www.fastmarkets.com/insights/decision-to-change-clarify-fastmarkets-ncm-black-mass-payables-indicators/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2627247334","pubTimestamp":1776139200,"columns":[],"sourceInfo":{"source_id":"fastmarkets_highlight","name":"Fastmarkets"},"weMediaInfo":null,"summary":"Fastmarkets has decided to make changes and clarifications to its methodologies for nickel cobalt manganese (NCM) black mass price assessments, including name changes, to bring them into closer alignment with current spot market specifications.","collect":0,"end_time":0,"defaultTopTitle":"fastmarkets.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"NIKL":"SPROTT NICKEL MINERS ETF","BK4535":"淡马锡持仓","XME":"金属与采矿指数ETF-SPDR","NCA":"纽文加州市政价值基金","SETM":"Sprott Critical Materials ETF","DBB":"基础金属ETF-PowerShares"},"translate_title":"决定更改并澄清Fastmarkets的NCM black mass应付款指标","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NIKL":0.9,"DBB":0.84,"NCA":1,"XME":0.9,"SETM":0.84},"content_text":"This decision follows an extensive consultation process originally launched on February 25 and which was open until March 25. This was then extended to April 10 with a decision due by April 15.\nIncreased import flows into China since summer 2025, together with higher black mass quality from investments in technology by some producers, have led to changes in specifications of black mass traded on the spot market.\nThe proposed changes are not expected to make material differences to payables reported by Fastmarkets in the short term, given that the majority of data received by Fastmarkets already falls into the newly-amended specification ranges.\nPrices affected by the quality-based methodology changes are:\nMB-BMS-0001 Black mass, NCM/NCA, payable indicator, nickel, max 5% moisture, cif South Korea, % payable LME Nickel cash official priceMB-BMS-0002 Black mass, NCM/NCA, payable indicator, cobalt, max 5% moisture, cif South Korea, % payable Fastmarkets’ standard-grade cobalt price (low-end)MB-BMS-0003 Black mass, NCM/NCA, payable indicator, lithium, max 5% moisture, cif South Korea, % payable Fastmarkets’ lithium carbonate 99.5% Li2CO3 min, battery grade, spot prices cif China, Japan & KoreaMB-BMS-0004 Black mass, NCM/NCA, payable indicator, nickel, domestic, max 5% moisture, exw Europe, % payable LME Nickel cash official priceMB-BMS-0005 Black mass, NCM/NCA, payable indicator, cobalt, domestic, max 5% moisture, exw Europe, % payable Fastmarkets’ standard-grade cobalt price (low-end)MB-BMS-0007 Black mass, NCM/NCA, payable indicator, nickel, max 5% moisture, cif Southeast Asia, % payable LME Nickel cash official priceMB-BMS-0008 Black mass, NCM/NCA, payable indicator, cobalt, max 5% moisture, cif Southeast Asia, % payable Fastmarkets’ standard-grade cobalt price (low-end)MB-BMS-0009 Black mass, NCM/NCA, payable indicator, lithium, max 5% moisture, cif Southeast Asia, % payable Fastmarkets’ lithium carbonate 99.5% Li2CO3 min, battery grade, spot prices cif China, Japan & KoreaMB-BMS-0014 Black mass, NCM/NCA, payable indicator, cobalt, max 5% moisture, exw USA, % payable Fastmarkets’ standard-grade cobalt price (low-end)MB-BMS-0015 Black mass, NCM/NCA, payable indicator, nickel, max 5% moisture, exw USA, % payable LME Nickel cash official priceFastmarkets has decided to make the below changes to its methodology specifications for the “Quality” field for all of the listed prices to the below, with changes in italics:“Nickel and cobalt-rich black mass, with metal content of 15-25% nickel, 3-10% cobalt and 3-4.5% lithium. Minimum total cobalt and nickel content of 20%. Max 2% aluminium, max 2% copper, max 1% iron, max 2% fluorine. Maximum 5% moisture content. Materials falling outside these parameters may be normalized based on market participant feedback.”\nFurther decisions made during consultation were:\nFastmarkets decided to remove nickel-cobalt aluminium (NCA) materials from all of the above assessments scope and names. NCA material is rarely heard traded on the spot market in Europe, the US or Asia, according to sources, and Fastmarkets’ 2% aluminium content limit already excludes NCA-heavy assays.\nThe proposal to make payables indicators based only on production scrap and not end of life materials was not accepted due to risks in squeezing liquidity volumes and rising end of life battery supply in some jurisdictions.\nDatapoints in the CIF South Korea market shall only be accepted if the material is being consumed by a South Korean hydrometallurgical or pyrometallurgical refiner. Material for trans-shipment from South Korea will not be included.\nThe EXW Europe payables will no longer refer to being “domestic” material because of the very small number of transactions to domestic consumers. Most material is instead sold for export into Asia or North America, according to sources.\nA note will be added to the methodology document of the EXW Europe payables stating that these prices only cover hazardous waste-origin materials. This will also affect the price: MB-BMS-0006 Black mass, LCO, payable indicator, cobalt, domestic, max 5% moisture, exw Europe, % payable Fastmarkets’ standard-grade cobalt price (low-end).\nDue to changes in cobalt content in our methodologies, Fastmarkets also proposes changes to the names of the inferred prices MB-BMS-0012 Black mass, NCM/NCA, inferred, cif South Korea, $/tonne and MB-BMS-0013 Black mass, NCM/NCA, inferred, exw Europe, $/tonne. This is to clarify that these are for “high cobalt” materials, due to the inferred price being based on an assay of 10% cobalt — which now becomes the top end of the quantity of cobalt allowed in Fastmarkets’ NCM payables for these markets.\nGiven the changes, the names of the affected prices will change to the below:\nMB-BMS-0001 Black mass, NCM, payable indicator, nickel, max 5% moisture, cif South Korea, % payable LME Nickel cash official priceMB-BMS-0002 Black mass, NCM, payable indicator, cobalt, max 5% moisture, cif South Korea, % payable Fastmarkets’ standard-grade cobalt price (low-end)MB-BMS-0003 Black mass, NCM, payable indicator, lithium, max 5% moisture, cif South Korea, % payable Fastmarkets’ lithium carbonate 99.5% Li2CO3 min, battery grade, spot prices cif China, Japan & KoreaMB-BMS-0004 Black mass, NCM, payable indicator, nickel, max 5% moisture, exw Europe, % payable LME Nickel cash official priceMB-BMS-0005 Black mass, NCM, payable indicator, cobalt, max 5% moisture, exw Europe, % payable Fastmarkets’ standard-grade cobalt price (low-end)MB-BMS-0006 Black mass, LCO, payable indicator, cobalt, max 5% moisture, exw Europe, % payable Fastmarkets’ standard-grade cobalt price (low-end)MB-BMS-0007 Black mass, NCM, payable indicator, nickel, max 5% moisture, cif Southeast Asia, % payable LME Nickel cash official priceMB-BMS-0008 Black mass, NCM, payable indicator, cobalt, max 5% moisture, cif Southeast Asia, % payable Fastmarkets’ standard-grade cobalt price (low-end)MB-BMS-0009 Black mass, NCM, payable indicator, lithium, max 5% moisture, cif Southeast Asia, % payable Fastmarkets’ lithium carbonate 99.5% Li2CO3 min, battery grade, spot prices cif China, Japan & KoreaMB-BMS-0012 Black mass, NCM/NCA, inferred, cif South Korea, $/tonne to: Black mass, NCM, high cobalt, inferred, cif South Korea, $/tonneMB-BMS-0013 Black mass, NCM/NCA, inferred, exw Europe, $/tonne to: Black mass, NCM, high cobalt, inferred, exw Europe, $/tonneMB-BMS-0014 Black mass, NCM, payable indicator, cobalt, max 5% moisture, exw USA, % payable Fastmarkets’ standard-grade cobalt price (low-end)MB-BMS-0015 Black mass, NCM, payable indicator, nickel, max 5% moisture, exw USA, % payable LME Nickel cash official price\nThe amendments will take place on April 22, 2026.\nTo provide feedback on these prices please email pricing@fastmarkets.com and metalsrecycling@fastmarkets.com. Please add the subject heading “Re: black mass methodology review.” Please indicate if comments are confidential. Fastmarkets will consider all comments received and will make comments not marked as confidential available upon request.\nTo see all Fastmarkets pricing methodology and specification documents, go to the Fastmarkets methodology page.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}