bad feeling , page-5

Nailed it for mine Cafa, "assuming product is sold".
Global RE market is a tiny 110/130ktpa and largely contracted into China as per Lynas's Nov 12 presentation. ROW market an even smaller 30/35ktpa with fractured supply chains and competitive supply from 32ktpa Chinese quotas, 11ktpa Lynas, 6/19ktpa Moly & 5ktpa "others", call it 60ktpa and then add smuggled material, grossly over supplied.
Finding the demand, sales, to match production volumes by element is critical as at the current skinny margins no one can afford to build inventory, particularly Ce. Molymess's last Q sales/realised price/inventory made little sense on that score, but time will tell.
If Lynas can find the demand for the majority of it's production it will perhaps be marginally profitable but there will certainly be no broad price rises without that demand.