Irrelevant, market is forward looking, and incentive prices are needed to encourage new supply to fill the 2025 gaps. So, what's likely to happen in 2025 is absolutely relevant today.
Observing the market in present terms is a risk, while the EU & US are starting to build out their chains. It's no longer a China only story, as a result, the market is looking forward and now factoring in the demand from those other regions. 5 years is 10 minutes in mining....
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