Morgan Stanley beat Macquarie, page-18

I disagree.

How much new supply (in LCE terms) that is uncontracted do you honestly see entering the market by 2021 (only 3 years away)?

Then look around the market and see some of the battery companies/auto makers that don't have a supply source yet and where do you see that balance?

Then from there add in the fact that this doesn't consider any expansion by companies that have already sourced supply in response to growing demand.

Say 2017 LCE production was 200-250kt. Another 7% EV penetration (only 1% yoy increase) from now by 2025 would require c. 500kt of LCE which is something like 3.75-4Mt of spodumene. And that is not by any means an overly bullish demand picture. I honestly can't see how people call oversupply.