Yep, that stood out for me too. I think it needed the second auction to cement the significant uplift in the contract pricing, and as KB says, end-users are being "pragmatic" about resetting contract prices to reflect the super tight market conditions, thus confirmation too my way of thinking.
Maybe we're not quite getting $1,500 yet due to the lag, but the 3rd and subsequent auctions should do it, and importantly, keep it elevated.
Good News & Bad News, page-4181
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