Export interventions and payables under pressure: Q3 2026 Black Mass Price Review Benchmark’s NCM Black Mass EXW China payables have fallen 4.9% since the end of Q2, from 77.0% to
Benchmark Mineral Intelligence reported that NCM black mass EXW China payables fell 4.9% over Q3 2026, from 77.0% to 73.3%, while LCO black mass EXW China payables for lithium carbonate and cobalt sulphate fell 7.5% and 13.2% quarter-on-quarter to 70.8% for both. Payables declined across other regions, with NCM black mass CIF Asia down 10.4% to 107.5% and EXW North America and EXW Europe down 13.6% and 8.3% respectively. The US government issued a temporary ruling requiring US recyclers to allocate 100% of monthly black mass sales to US buyers unless granted an exception, effective from 27 August for at least one year, and by mid-September all domestic recyclers that had applied for exemptions had received interim 365-day export licences.
Why it matters: The quarter's payables declines and the US export ruling show how export controls and trade interventions are reshaping critical-minerals supply chains and regional feedstock flows.