Probably safest to say its unlikely anyone is profitable at current LRE pricing and China has a big incentive to manage prices back to economic levels, particularly given the amount of remediation & modernisation of the industry required.
Nothings changed, it's simply a matter of sustainable demand/supply, JPM forecast demand 3% CAGR to 133kt in 2020 and supply 4% CAGR to 173kt REO in 2020 with most of the 40kt oversupply being Ce.
So as important as CoP is, the balance of suite to market demand will be critical, very hard to be profitable with large proportions of Ce, Sm & Gd reporting to inventory.
LYC Price at posting:
44.5¢ Sentiment: Buy Disclosure: Held
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