Fastmarkets has announced the suspension of black mass nickel and cobalt payables prices for ex-works US transactions, effective Tuesday September 1, 2026. The decision follows a temporary final rule issued by the US Department of Commerce that implemented an export ban on black mass and export restrictions, which took effect on Thursday August 27, 2026. According to the announcement, the suspension of pricing assessments is due to the unavailability of relevant pricing data in the current regulatory environment.
While the temporary ruling from the US Department of Commerce includes provisions allowing producers to apply for exemptions from the export restrictions, there has been no confirmation that US black mass producers have successfully secured such exemptions as of the announcement date. The suspended price assessments include the Black mass, NCM, payable indicator for cobalt with maximum 5% moisture (MB-BMS-0014), which is calculated as a percentage payable of Fastmarkets' standard-grade cobalt price at the low-end, and the Black mass, NCM, payable indicator for nickel with maximum 5% moisture (MB-BMS-0015), which is calculated as a percentage payable of the LME Nickel cash official price. Fastmarkets stated that it will continue to monitor black mass pricing intelligence and review the feasibility of resuming price assessments for these two benchmark prices.
The pricing data provider is also actively seeking feedback from market participants on alternative price references that could be utilized for black mass pricing in the US region. Market participants seeking additional information, wishing to provide feedback on this notice, or interested in becoming data submitters for these price assessments are encouraged to contact Fastmarkets at pricing@fastmarkets.com and metalsrecycling@fastmarkets.com with the subject line "re: Black mass ex-works US." Fastmarkets has indicated that it will consider all feedback received and will make non-confidential comments available upon request. This suspension reflects the broader impact of US trade policy on the recycling sector, particularly affecting the recovery of critical materials such as nickel and cobalt from battery recycling operations.
The export restrictions on black mass, a key input for battery material recovery, represent a significant regulatory shift that is disrupting established pricing mechanisms in the US recycling market.
Source: fastmarkets.com