Of course PLS should ship to the POSCO/PLS JV, crazy not to. But wrt your last question, if my memory serves, the earl negotiations for the JV started in 2017, so it's been a long road to get to where it is today, therefore China didn't really lose that supply, it was more about PLS foresight and planning to diversify its customer base.
You ask if China can replace any supply migrating from them to other markets, well from my perspective, they could/can see that coming, hence the scramble to develop domestic and African projects. Wrong or right, they've done it, do we know the volumes, no, but I find it quite annoying quality Oz and SA supply have to compete with that bottom of the barrel material, and while they're at is, smashing prices, f...ing absurd IMO.
So yes, new meaningful ex-China conversion capacity can't come online quick enough. On that last note, are you aware of any substantial ex-China conversion capacity that will be commissioned, ramped and qualified before 2026?
Good News & Bad News, page-37280
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