PLS chart, page-20615

I tend to agree with the timframe although it’s not an exact science. Maybe extend range, 6-12 months as we know they are prepared to increase and decrease inventory significantly to secure supply and advantageous pricing outcomes.

SC produced and stored at Pilbara, trucked to PH Qube facility and stored. Loaded and shipped to China. This could be a month or two, variable.

Conversion facility in China, stored with inventory of ? This could be a week to a month or more.

Conversion time ? Help anyone.

Cathode plant. Time. We know Hydroxide doesn’t store for long. Carbonate longer.

Cathode inventory ?

Cell manufacturer then into packs.

EV manufacturer.

So, if demand is expected to increase another 30% this year and next, they may want to start thinking about securing supply (like Ganfeng) for the coming few years as the tap just cannot turn on at a whim. Reported inventory reductions may come back to haunt those downstream participants who don’t secure raw materials.