The latest buzzword in battery materials sounds like a concept borrowed from astrophysics.
But “black mass” is just a very literal description of the intermediate product from recycling either spent EV batteries or scrap from battery plants. It’s a dark, powdery cocktail of metals such as lithium, cobalt and nickel that’s emerging as a commodity in its own right.
Mentions of black mass in company earnings have grown — including recent instances from commodities trader Glencore and chemicals giant BASF. Three market researchers — Benchmark Mineral Intelligence, Fastmarkets and S&P Global — have launched regular price assessments of the material since April.