Replying to 'SeeTheWorld' post early today,
Therefore, by the end of September China spod inventory should be about 2 months and the commencement of the need to start buying more spod.
2 month's inventory is the norm, according to GYX management, therefore they will be buying each month thereafter (in balance), with hopefully steady incremental increases, followed by higher price.
ALB back at work on Kemerton plant, therefore Wodgina product stitched up, same deal for Tianqi/ALB GB product, sent to their own conversion plants. That leaves about 1mill tonnes of spod or 135kt of LCE, which is all stitched up under offtakes. Where do POSCO and Ganfeng find another another ~840kt of spod to feed their new 75 & 80kt plants next year?
Ann: 2020 Annual Financial Report Announcement, page-73
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