LCO battery black mass is the cobalt-rich powder recovered when lithium cobalt oxide (LCO) batteries from phones, laptops, and other electronics are discharged, shredded, and separated. It typically holds 20-30% cobalt and 3-5% lithium, which makes it the highest-cobalt black mass in the recycling market. This guide covers what it is, how it is made, how it is priced in 2026, and the rules that now govern how it is traded.
What is LCO battery black mass?
Black mass is the fine, dark powder left after mechanically processing spent lithium-ion batteries or battery production scrap and removing the casings, plastics, and most metal foils. It holds the cathode and anode active materials, which carry most of a battery's recoverable value. Its black color comes from graphite, the main anode material.
LCO black mass comes from batteries with a lithium cobalt oxide (LiCoO2) cathode. Pure LiCoO2 is about 60% cobalt and 7% lithium by weight, so LCO black mass carries far more cobalt than black mass from other lithium-ion chemistries. That cobalt is what buyers pay for.
Where does LCO black mass come from?
LCO has been the standard cathode for portable electronics since Sony commercialized the first lithium-ion battery in 1991. It stores a lot of energy in a small volume, which suits devices where size matters more than cost. LCO black mass therefore comes mainly from:
- Smartphones, tablets and laptops
- Wearables, earbuds, cameras and power banks
- Cathode and electrode scrap from LCO cathode and cell factories
These two sources produce very different material. Shredded end-of-life cells include graphite anodes, which dilute the cobalt to about 20-30%. Cathode production scrap contains little or no graphite, so its black mass, often called black powder, can reach 50-55% cobalt.
LCO vs NMC vs LFP black mass
Black mass is traded by chemistry, because each chemistry contains different paid metals.
| LCO black mass | NMC black mass | LFP black mass | |
|---|---|---|---|
| Cathode | Lithium cobalt oxide (LiCoO2) | Lithium nickel manganese cobalt oxide | Lithium iron phosphate (LiFePO4) |
| Main feedstock | Phones, laptops, consumer electronics | EV and energy storage packs | E-buses, stationary storage, lower-cost EVs |
| Typical metal content | 20–30% Co, 3–5% Li | 15–25% Ni, 5–15% Co, 3–5% Li | No Ni or Co; about 2–4% Li |
| Metals that set the price | Cobalt, then lithium | Nickel and cobalt, then lithium | Lithium |
| Usually priced as | % payable of the cobalt price | % payable of nickel and cobalt prices | Value per unit of lithium |
Typical LCO and NMC contents follow Fastmarkets’ black mass assessment specifications.
Typical LCO and NMC contents follow the specifications that price reporting agency Fastmarkets uses for its black mass assessments.
Because LCO black mass has one dominant paid metal, its value moves almost entirely with the cobalt price. That makes it more valuable than NMC black mass when cobalt is strong, and harder to sell when cobalt is weak.
Composition and grades of LCO black mass
No two lots are identical: the device mix, battery age, and processing method all change the result. The market still trades LCO black mass in two broad grades. Composition and grades of LCO black mass
| Grade | Typical source | Cobalt | Lithium | Main impurities |
|---|---|---|---|---|
| Standard LCO black mass | Shredded end-of-life cells from consumer electronics | 20–30% | 3–5% | Graphite, aluminum (up to about 6%), copper (up to about 2%), fluoride, moisture |
| High-grade LCO black powder | Cathode and electrode scrap from cell and cathode plants | 50–55% | 6.5% or more | Aluminum foil fragments, binder |
Sources: Fastmarkets LCO black mass specification; Mysteel China black mass price grades.
Most of the remaining weight in the standard grade is graphite from the anode. Fluoride comes from the electrolyte salt (LiPF6) and the PVDF binder, and it matters: high fluoride corrodes equipment at the refinery and can block imports into markets with strict limits. The standard grade follows the Fastmarkets specification for LCO black mass (20-30% Co, 3-5% Li, max 6% Al, max 2% Cu). Chinese price reporter Mysteel tracks a 25-30% Co grade with at least 3.5% Li and a 50-55% Co grade with at least 6.5% Li.
How LCO black mass is produced
Black mass is made by mechanical pre-processing, not by smelting or chemical leaching. Those come later, at the refinery. How LCO black mass is produced
- Collect and sort. Devices and loose cells are collected, and LCO cells are separated from NMC and LFP, because mixing chemistries lowers the value of the whole lot.
- Discharge. Cells are drained of remaining charge to reduce fire and explosion risk during shredding.
- Shred. Cells are crushed in shredders that run under inert gas or in liquid to control sparks, heat, and electrolyte vapors.
- Dry or heat-treat (optional). Some processors dry the shred or heat it to drive off electrolyte solvents and break down the binder. This improves later separation but adds cost and emissions control.
- Separate. Screens, magnets, eddy-current and density separators remove steel, aluminum, copper and plastics. The fine fraction that remains is LCO black mass.
The quality of steps 4 and 5 decides how much aluminum, copper and fluoride end up in the black mass, and so how much a buyer will pay for it.
How cobalt and lithium are recovered from LCO black mass
Refiners turn black mass back into battery-grade chemicals by one of three routes.
| Route | How it works | What comes out | Trade-offs |
|---|---|---|---|
| Hydrometallurgy | Black mass is leached in acid (commonly sulfuric acid with a reducing agent), then purified by precipitation and solvent extraction | Cobalt sulfate, lithium carbonate, graphite residue | High recovery of cobalt and lithium; needs careful fluoride and effluent control |
| Pyrometallurgy | Black mass is smelted at high temperature | Cobalt-bearing alloy; lithium and aluminum mostly end up in slag | Handles mixed and lower-quality feed; lithium recovery is harder and energy use is high |
| Direct recycling | The LCO cathode is restored by adding lithium back, instead of being broken down into metal salts | Regenerated LCO cathode material | Fewer processing steps, but mostly at pilot scale and needs clean, well-sorted feed |
The outputs feed straight back into battery and chemical supply chains: cobalt sulfate for cathode precursors, lithium carbonate for new cathodes, and cobalt oxide (Co3O4), the main cobalt input for making new LCO cathode material.
What’s new for LCO black mass in 2026
Five developments in 2025 and 2026 are changing where LCO black mass comes from, what it contains, and where it can be refined.
Electronics brands now use recycled cobalt
Apple reported in April 2026 that all Apple-designed batteries now use 100% recycled cobalt, meeting a goal it set in 2023. These batteries, used in iPhone, iPad, Apple Watch and MacBook, account for more than 97% of Apple’s cobalt use. In 2022, only a quarter of the cobalt in Apple products came from recycled material. Commitments like this create steady demand for cobalt recovered from consumer electronics batteries, which is what LCO black mass supplies.
Cobalt supply is more tightly controlled
The Democratic Republic of Congo (DRC), which mines more than 70% of the world’s cobalt, banned cobalt exports in February 2025 and replaced the ban with export quotas that run to the end of 2027. The 2026 allocation is 87,000 tonnes for producers plus a 9,600-tonne strategic reserve. In August 2026, the DRC’s cobalt regulator said it may cut quotas further if the market needs rebalancing. Recycled cobalt from LCO black mass is one of the few sources that does not depend on DRC export policy.
New phone batteries are changing the feedstock
Premium phones are moving to high-voltage LCO cathodes paired with silicon-carbon anodes, which store more energy than graphite alone. Chinese phone makers adopted silicon-carbon anodes first, and Samsung introduced them in its Galaxy Z8 foldables in July 2026. Materials suppliers now offer electrolyte additives for LCO cells running above 4.53 V, and in October 2026 traders reported growing interest in LCO black mass from makers of silicon-anode LCO cells. Black mass from these newer devices is likely to contain silicon alongside graphite, so assays and leaching steps will need to account for it.
More portable batteries will be collected
From February 18, 2027, portable batteries built into devices sold in the EU must be removable and replaceable by the end user. EU producers must also collect 63% of waste portable batteries by the end of 2027 and 73% by the end of 2030. Easier removal and higher collection targets mean more phone and laptop batteries reaching recyclers, already sorted by chemistry before shredding.
US black mass must now be refined onshore
Since August 27, 2026, US exporters need a license, adjustment, or exception from the Commerce Department to ship black mass abroad (see the regulations section below). Unless an exception applies, LCO black mass generated in the US now has to be refined in the US, which makes domestic refining capacity and qualified buyers more important.
Frequently Asked Questions
What is LCO battery black mass?
It is the fine powder recovered from shredded lithium cobalt oxide batteries, mostly from phones, laptops, and other electronics. It contains cobalt, lithium, and graphite, and is the feedstock refiners use to make new cobalt and lithium chemicals.
How much cobalt is in LCO black mass?
Standard LCO black mass from end-of-life cells usually holds 20-30% cobalt. Black mass made from cathode production scrap can reach 50-55% cobalt.
How is LCO black mass different from NMC black mass?
LCO black mass has more cobalt and almost no nickel, so its value depends mainly on the cobalt price. NMC black mass is priced on both nickel and cobalt.
How is LCO black mass priced?
On payables: the buyer pays a percentage of a reference cobalt price for the contained cobalt, plus a smaller payable for lithium, on dry weight after assay. Deductions apply for moisture and impurities.
Is black mass classified as hazardous waste?
In the EU, yes, since June 2025. In China, black mass that meets GB/T 45203-2024 is treated as a raw material, not waste. In the US, status depends on the material's characteristics and how it is managed.
What is the difference between black mass and black powder?
The terms are often used interchangeably. In trade, black powder usually means higher-grade material from cathode or electrode scrap with little graphite, while black mass usually means material from shredded whole cells.