Allkem General Discussion, page-5060

"according to Guangzhou futures exchangeTotal open interest across the Jan - July 2024 contracts is 293,275 battery grade LCE."

This is ca.30 % or a bit less of the entire global production in 2023, which also includes non-battery grade material. This is an incredibly large amount considering this is only a single futures exchange. And as you noted, this is outside of all the long term contracts that make up the majority of this industry.