I agree. It's the subtle skew they put on their negative narrative that bugs me. If prices were to continue to stay at current levels or fall further and remain at those levels, there will be few new projects, brownfield or greenfield, or new entrants for the time being and that will accelerate any market rebalance. I see prices remaining subdued until the end of Q1 2024, with a gradual recovery, with volatility, from there. Downstream and upstream inventories are at or near record low levels respectively in China so something has to give, eventually. Cheers.
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