This more frequent price assessment will enable Fastmarkets to reflect spot market dynamics in a more timely manner, particularly while spodumene pricing becomes more closely connected to lithium chemicals prices.

The proposed new specifications are listed below, with the proposed amendment of price frequency in italics:

MB-LI-0012 Spodumene min 6% Li2O, spot price, cif China, $/tonne
Quality: A mineral concentrate accepted by buyers for conversion in lithium chemicals used in battery applications (any size will be accepted) and with the following chemical composition: Li2O 6% (min 5.7 Li2O and max 6.1% Li2O accepted if it can be normalized to 6%); Fe2O3 < 1.3% (max 1.5% Fe2O3 accepted if it can be normalized to < 1.3%), H2O <10%
Quantity: 1,000 tonnes
Location: cif China
Timing: 90 days
Unit: USD/tonne
Publication: twice a week, Wednesday and Friday, 3-4pm London time

This price is a part of the Fastmarkets industrial minerals package.

The consultation period for the above proposal will start on Friday, November 3 and end one month from the date of this pricing notice, on Friday December 1, with the amended frequency, subject to feedback, taking effect from Wednesday, December 6.

All historical data relating to the assessment prior to the amendment will remain available in the pricing section of the Fastmarkets website.

To provide feedback on the spodumene price assessment amendement, or if you would like to provide price information by becoming a data submitter, please contact Callum Perry and Zihao Li by email at: pricing@fastmarkets.com. Please add the subject heading FAO: Callum Perry/Zihao Li re: spodumene price assessment. Please indicate if comments are confidential. Fastmarkets will consider all comments received and will make comments not marked as confidential available upon request.

To see all Fastmarkets’ pricing methodology and specification documents, please go to https://www.fastmarkets.com/methodology.

The post Proposal to amend frequency of spodumene spot price assessment appeared first on Fastmarkets.

The growth in MHP production globally, and its growing importance as a key feedstock in the production of battery grade nickel sulfate, has resulted in increased focus on the market and pricing trends.

Indonesia is a key production hub for MHP, and therefore this price assessment should provide further clarity on price levels within the country.

This price launch is part of a further launch of FOB Indonesia nickel prices, which includes a new FOB NPI price.

The price specification for the new price will be as follows:

MB-NIO-0005 Nickel mixed hydroxide precipitate, outright price, FOB Indonesia, $/tonne
Quality: 30-45% nickel min/max, 1-6% cobalt min/max, 4% Zn max, 4% Cu max, 9% Mn max, 5% Mg max, 5% S max, 0.5% Fe max, moisture content 35- 40%
Quantity: Min 100 tonnes
Location: FOB main ports Indonesia
Timing: 45 days
Unit: USD per tonne, inferred basis of the CIF CJK MHP price or expressed by participants
Publication: Daily, 4pm London time

This price will be part of the Fastmarkets base metals package.

To provide feedback on this price or if you would like to provide price information by becoming a data submitter to this price, please contact Callum Perry by email at: pricing@fastmarkets.com.

Please add the subject heading FAO: Callum Perry, re: FOB Indonesia MHP price”.

Please indicate if comments are confidential. Fastmarkets will consider all comments received and will make comments not marked as confidential available upon request.

To see all Fastmarkets pricing methodology and specification documents, go to https://www.fastmarkets.com/methodology.

The post Launch of FOB Indonesia nickel MHP price appeared first on Fastmarkets.

The initial proposal was made in response of increased liquidity reported to Fastmarkets, and to capture more price fluctuations.

The growth in mixed hydroxide precipitate (MHP) production globally, and its growing importance as a key feedstock in the production of battery grade nickel sulfate, has resulted in increased focus on the market and pricing trends.

This pricing notice is separate to the cobalt in MHP consultation, which has also concluded.

The new specifications for the MHP prices will be as follows:

MB-NIO-0003 Nickel mixed hydroxide precipitate, outright price, cif China, Japan and South Korea, $/tonne
Quality: 30-45% nickel min/max, 1-6% cobalt min/max, 4% Zn max, 4% Cu max, 9% Mn max, 5% Mg max, 5% S max, 0.5% Fe max, moisture content 35- 40%
Quantity: Min 100 tonnes
Location: CIF major ports China, Japan and South Korea (other ports normalized)
Timing: 45 days
Unit: USD per tonne, inferred basis of the payable range or expressed by participants
Publication: Daily, 4pm London time

MB-NIO-0004 Nickel mixed hydroxide precipitate payable indicator, % London Metal Exchange, cif China, Japan and South Korea
Quality: 30-45% nickel min/max, 1-6% cobalt min/max, 4% Zn max, 4% Cu max, 9% Mn max, 5% Mg max, 5% S max, 0.5% Fe max, moisture content 35- 40%
Quantity: Min 100 tonnes
Location: CIF major ports China, Japan and South Korea (other ports normalized)
Timing: 45 days
Unit: % payable basis LME monthly average
Publication: Daily 4pm London time

These prices are part of the Fastmarkets base metals package.

To provide feedback on this price, or if you would like to provide price information by becoming a data submitter to this price, please contact Callum Perry by email at pricing@fastmarkets.com. Please add the subject heading “FAO: Callum Perry, re MHP prices.”

Please indicate if comments are confidential. Fastmarkets will consider all comments received and will make comments not marked as confidential available upon request.

To see all Fastmarkets pricing methodology and specification documents, go to https://www.fastmarkets.com/methodology.

The post Amendment to frequency of MHP price assessment appeared first on Fastmarkets.

These price assessments will be daily and will allow Fastmarkets to provide greater transparency for the value of MHP.

The rapid growth in the production of MHP in Indonesia and other countries has resulted in its increased use in the battery raw materials supply chain, with the nickel and cobalt content increasingly being used in the production of battery-grade sulfates.

Fastmarkets research currently forecasts that MHP will contribute 15,500 tonnes of cobalt hydroxide in 2023, rising to 29,000 tonnes by 2025.

The specifications for the prices will be as follows:

MB-CO-0024 Cobalt mixed hydroxide precipitate payable indicator, % cobalt metal standard grade in-whs Rotterdam, cif China, Japan, and South Korea
Quality: 30-45% nickel min/max, 1-6% cobalt min/max, 4% Zn max, 4% Cu max, 9% Mn max, 5% Mg max, 5% S max, 0.5% Fe max, moisture content 35- 40%
Quantity: Min 100 tonnes
Location: CIF major ports China, Japan and South Korea (other ports normalized)
Timing: 45 days
Unit: % of cobalt metal standard grade in-whs Rotterdam
Publication: Daily, 4pm London time

MB-CO-0025 Cobalt mixed hydroxide precipitate, outright price, cif China, Japan, and South Korea, $/tonne
Quality: 30-45% nickel min/max, 1-6% cobalt min/max, 4% Zn max, 4% Cu max, 9% Mn max, 5% Mg max, 5% S max, 0.5% Fe max, moisture content 35- 40%
Quantity: Min 100 tonnes
Location: CIF major ports China, Japan and South Korea (other ports normalized)
Timing: 45 days
Unit: USD per tonne, inferred basis of the payable range or expressed by participants
Publication: Daily, 4pm London time
Notes: In the absence of data, Fastmarkets will calculate this price, based upon the payable level to the cobalt metal standard grade, in-whs Rotterdam price of that day.

These prices will be part of the Fastmarkets minor metals package.

To provide feedback on this price, or if you would like to provide price information by becoming a data submitter to this price, please contact Callum Perry by email at pricing@fastmarkets.com. Please add the subject heading “FAO: Callum Perry, re Cobalt MHP prices.”

Please indicate if comments are confidential. Fastmarkets will consider all comments received and will make comments not marked as confidential available upon request.

To see all Fastmarkets pricing methodology and specification documents, go to https://www.fastmarkets.com/methodology.

The post Launch of Cobalt in MHP CIF CJK prices appeared first on Fastmarkets.

Indonesia is forecast to produce 1,300,000 tonnes of NPI in 2023, representing 40% of the global total nickel production.

NPI is a key feedstock material in the production of stainless steel, which represents 70% of global demand for nickel.

This price launch is part of a further launch of FOB Indonesia nickel prices, which includes a new FOB MHP price.

The price specification for the new price will be as follows:

MB-FEN-0005 Nickel pig iron, 10-14% ni content, FOB Indonesia, $/nickel unit
Quality: lump, Ni 10-14%, Fe 80%, P 0.04% max, S 0.4% max, Si 4.5% max, C 4% max
Quantity: min 500 tonnes
Location: FOB main ports Indonesia
Timing: Spot
Unit: US Dollar/nickel unit
Payment terms: Cash
Publication: Daily, 4pm London

This price will be part of the Fastmarkets steel raw materials package.

To provide feedback on this FOB Indonesia NPI price or if you would like to provide price information by becoming a data submitter to this price, please contact Callum Perry by email at: pricing@fastmarkets.com.

Please add the subject heading FAO: Callum Perry, re: FOB Indonesia NPI price”.

Please indicate if comments are confidential. Fastmarkets will consider all comments received and will make comments not marked as confidential available upon request.

To see all Fastmarkets pricing methodology and specification documents, go to https://www.fastmarkets.com/methodology.

The post Launch of FOB Indonesia nickel pig iron price appeared first on Fastmarkets.

This appearance of metal was part of a broader increase in material in the LME system with total open tonnage increasing by 14% from August to September.

Of this 14% increase, Australia- and Russia-origin material remains dominant, despite the appearance of material from China.

Australia-produced material is the dominant origin on the exchange, accounting for 56% of material, meanwhile Russia-origin stock represents 23%.

There were significant increases in the amount of Russian material on the exchange from August to September though, with the total amount of Russian material increasing by 32% month on month.

Recent inflows of material onto the exchange have largely been the result of softer demand for nickel metal within the physical market, with the International Nickel Study Group forecasting that global stainless-steel production will be down close to 1% globally in 2023.

This weaker demand has also led to lower prices, a trend that is reflected across the base metals, similarly prompting inflows of material into the LME system.

But the rapid increase in the presence of Russian units for nickel does buck the overall trend for base metals which saw the percentage share of Russian material decline in September.

The official nickel cash price monthly average was down by 4% month on month in September at $19,621 per tonne.

Nickel prices continue to decline though, with the nickel cash official price most recently closing at $18,330 per tonne on October 13, down by 1% since the beginning of the month.

This time of weaker physical demand and lower prices has also been met with significant capacity announcements for the production of nickel metal from Chinese nickel producers, using class 2 nickel products such as nickel pig iron (NPI) and matte as feedstocks.

These new capacity announcements had previously raised concerns among some market participants, due to fears that the material could rapidly appear on the exchange and push overall prices lower.

In an effort to increase liquidity on the exchange, the LME announced a fast track listing approach for new brands of nickel in March, with the exchange since approving the deliverability of Huayou Cobalts cathode brand ‘HUAYOU’ in July and is currently reviewing the deliverability of fellow Chinese producer GEM.

There are currently two deliverable brands of nickel produced in China, both for full plate cathode.

“The recent deliveries of Chinese metal into warehouses are significant as it potentially signals a wider upcoming trend,” a trader told Fastmarkets on the sidelines of LME Week in London last week.

Others though were less concerned.

“Chinese material makes up a very small percentage today, for us the bigger concern is the increased amount of Russian material on the exchange,” a consumer noted.

Chinese produced metal made up around 3% of the total material on the system for September.

Keep up to date with the latest news and insights on our dedicated battery materials market page.

The post Share of Russian, Chinese nickel in LME warehouses grows amid weaker demand appeared first on Fastmarkets.

Fastmarkets research currently forecasts that MHP will contribute 15,500 tonnes of cobalt hydroxide in 2023, rising to 29,000 tonnes by 2025.

Fastmarkets currently prices the nickel content of MHP on both a payable and outright basis for the CIF China, Japan, and South Korea (CJK) market. The addition of cobalt pricing will further strengthen the price offering and provide further transparency to this market.

These proposed cobalt prices will be priced on a daily basis, bringing them in line with a proposed change in the frequency of the nickel MHP prices.

Cobalt mixed hydroxide precipitate payable indicator, % cobalt metal standard grade in-whs Rotterdam, cif China, Japan, and South Korea
Quality: 30-45% nickel min/max, 1-6% cobalt min/max, 4% Zn max, 4% Cu max, 9% Mn max, 5% Mg max, 5% S max, 0.5% Fe max, moisture content 35- 40%
Quantity: Min 100 tonnes
Location: CIF major ports China, Japan and South Korea (other ports normalized)
Timing: 45 days
Unit: % of cobalt metal standard grade in-whs Rotterdam
Publication: Daily , 4pm London time

Cobalt mixed hydroxide precipitate, outright price, cif China, Japan, and South Korea, $/tonne
Quality: 30-45% nickel min/max, 1-6% cobalt min/max, 4% Zn max, 4% Cu max, 9% Mn max, 5% Mg max, 5% S max, 0.5% Fe max, moisture content 35- 40%
Quantity: Min 100 tonnes
Location: CIF major ports China, Japan and South Korea (other ports normalized)
Timing: 45 days
Unit: USD per tonne, inferred basis of the payable range or expressed by participants
Publication: Daily, 4pm London time
Notes: In the absence of data, Fastmarkets will calculate this price, based upon the payable level to the cobalt metal standard grade, in-whs Rotterdam price of that day.

The consultation period for this proposed launch starts from Monday, September 18 and will end on Wednesday, October 25. The launch will take place, subject to market feedback, on Friday, October 27.

To provide feedback on this price, or if you would like to provide price information by becoming a data submitter to this price, please contact Callum Perry by email at pricing@fastmarkets.com. Please add the subject heading “FAO: Callum Perry, re Cobalt MHP prices.”

Please indicate if comments are confidential. Fastmarkets will consider all comments received and will make comments not marked as confidential available upon request.

To see all Fastmarkets pricing methodology and specification documents, go to https://www.fastmarkets.com/methodology.

The post Update to proposal to launch cobalt in MHP CIF CJK prices appeared first on Fastmarkets.

The growth in mixed hydroxide precipitate (MHP) production globally, as well as its growing importance as a key feedstock in the production of battery grade nickel sulfate, has resulted in increased focus on the market and pricing trends.

The switch to daily pricing comes following initial positive market feedback requesting further transparency for the market.

This consultation is separate to the cobalt consultation launched on September 18, although that consultation is also affected.

The new proposed specifications for the MHP prices will be as follows:

MB-NIO-0003 Nickel mixed hydroxide precipitate, outright price, cif China, Japan and South Korea, $/tonne
Quality: 30-45% nickel min/max, 1-6% cobalt min/max, 4% Zn max, 4% Cu max, 9% Mn max, 5% Mg max, 5% S max, 0.5% Fe max, moisture content 35- 40%
Quantity: Min 100 tonnes
Location: CIF major ports China, Japan and South Korea (other ports normalized)
Timing: 45 days
Unit: USD per tonne, inferred basis of the payable range or expressed by participants
Publication: Daily, 4pm London time

MB-NIO-0004 Nickel mixed hydroxide precipitate payable indicator, % London Metal Exchange, cif China, Japan and South Korea
Quality: 30-45% nickel min/max, 1-6% cobalt min/max, 4% Zn max, 4% Cu max, 9% Mn max, 5% Mg max, 5% S max, 0.5% Fe max, moisture content 35- 40%
Quantity: Min 100 tonnes
Location: CIF major ports China, Japan and South Korea (other ports normalized)
Timing: 45 days
Unit: % of cobalt metal standard grade in-whs Rotterdam
Publication: Daily 4pm London time

The consultation period for this proposed amendment starts from Friday, September 29 and will end on Wednesday, October 25. The amendment will take place, subject to market feedback, on Friday, October 27.

To provide feedback on this price, or if you would like to provide price information by becoming a data submitter to this price, please contact Callum Perry by email at pricing@fastmarkets.com. Please add the subject heading “FAO: Callum Perry, re MHP prices.”

Please indicate if comments are confidential. Fastmarkets will consider all comments received and will make comments not marked as confidential available upon request.

To see all Fastmarkets pricing methodology and specification documents, go to https://www.fastmarkets.com/methodology.

The post Proposal to amend frequency of MHP price assessment appeared first on Fastmarkets.

The lower price for lithium carbonate has made it more difficult for sodium-ion batteries to be seen as an attractive alternative for energy storage systems (ESS) and electric vehicles (EVs), cell makers at the conference told Fastmarkets.

“Now that the lithium carbonate price is lower, and lithium iron phosphate [LFP] batteries are proven to be efficient and commercially viable, we don’t really need sodium-ion batteries any more,” a consumer said.

Another issue with sodium-ion batteries is that there is no established supply chain other than the one inside China. This means that if original equipment manufacturers (OEMs) and cell makers want to use sodium-ion batteries, they will need to establish the supply chain, whereas there already is an established supply chain for LFP batteries.

ESS stakeholders also said that the sodium-ion battery technology does not have a sufficient life cycle to meet the needs for ESS investors. Energy density is an important factor for ESS because the projects want to have longer duration.

Despite all these obstacles, many conference attendees told Fastmarkets that sodium-ion batteries will not be completely discarded, because the trends for batteries are changing inconsistently.

“We are all waiting to see how the sodium-ion batteries market develops in China,” a consultant source said. “I guess China has become the model to follow when establishing anything new in the battery market.”

2. EU black mass market awaits ‘level playing field’ on export codes

Participants in the market for black mass expressed their frustration at the current lack of a level playing field for black mass exports from the EU.

Under current rules, certain black mass generators are allowed by their local governments to export the material as a “product” that can be shipped anywhere in the world.

Other EU battery-shredding operations – including many which have requested licenses recently – see their black mass output treated as a hazardous waste. This means that they must follow procedures under the Basel Convention and are prevented from exporting to nations outside of the Organisation for Economic Co-operation and Development (OECD).

“From next year, that will all change,” Elewout Depicker said. He is vice-president for commercial and corporate development, Europe-Middle East-Asia, for Switzerland-based Li-Cycle. “From June, all [black mass] streams will be classified as hazardous,” he added. “[This means that] trade routes to nations including Malaysia will be closed.”

3. Price premium required for non-Chinese manganese sulfate, producers say

Prominent ex-China producers of battery-grade manganese sulfate reiterated that material produced outside of China, which currently dominates global production, will require a significant premium.

Madelein Todd, chief marketing officer at leading high-purity manganese metal producer Manganese Metal Co (MMC), was emphatic on this point.

“High purity manganese refined outside of China will cost you more than you thought or hoped… I don’t think I can state that any clearer,” she said in a presentation providing an outlook on the market.

MMC intends to supply its high-purity metal for the production of manganese sulfate while also working toward introducing its own manganese sulfate production.

Although non-Chinese manganese sulfate would require a premium, Todd said that the overall effect on battery cell cost would be limited, with the material representing a relatively minor input cost in EV battery chemistries such as nickel–manganese–cobalt (NMC).

4. Industry calls for further government support in Europe

Ahead of the conference, on September 13, the European Commission launched an investigation into whether to impose tariffs on cheaper Chinese EVs being sold into the region, in order to protect domestic producers.

These investigations are in line with other measures such as the Critical Raw Materials Act (CRMA), which was passed to encourage improvement in the domestic supply chains for the EV sector within Europe.

But participants across the value chain expressed the view that the current measures were not enough.

“Europe is at risk of being left behind, particularly when you look at the initiatives in the United States,” one trader said on the sidelines of the conference, referring to the US’ Inflation Reduction Act.
Comparisons between the IRA and the EU’s measures were commonplace among delegates.

Speaking about reports of potential tariffs, one consumer told Fastmarkets that “it is still not enough, in our view.” The consumer added that there are significant concerns over the higher costs of raw material and production in Europe.

5. Sustainability pricing is front-of-mind for full value chain

Sustainability is becoming an increasingly important focus for OEMs, so expectations of further restrictions – or incentives – around the carbon intensity of batteries have meant that discussions about sustainable or “green” premiums were common at the conference.

Many participants still said, however, that they felt the industry was a long way from such prices being widely implemented.

Discussions about the trade-offs involved in the production of sustainable materials were dominated by beliefs that end-users must be willing to pay the additional costs involved.

“In order for us to produce green material, we need to be confident that consumers are willing to cover the additional cost for us to remain competitive,” one producer told Fastmarkets.

One cathode active material (CAM) producer noted their belief that the lack of definition for sustainability within the industry “remains a significant bottleneck.”

Premiums linked to sustainability are not umcommon in raw materials markets, with the aluminium and steel markets proving their potential.

Some consumers at the conference said that there was a willingness to pay an additional premium for green material but, as one consumer said: “We also still have to remain competitive.”

Keep up to date with the latest news and insights on our dedicated battery materials market page.

The post Five things we learned at the European Battery Raw Materials Conference 2023 appeared first on Fastmarkets.

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