Morgan Stanley would argue the opposite and the Chinese spot price is the vindication of their misguided report. Yes, spot prices in China are down but only for Li Carb that does not make the grade. I also read that the big players are under cutting these smaller players to gain market share and drive them out of business. I wouldn't be surprised if the larger chinese/korean battery makers orchestrated the Morgan Stanley/UBS... down ramping, with an end game to pick up a couple of cheap mines/chemical plants.
"Aleksey Yefremov -- Instinet -- Analyst
Good morning. Thank you. I'm sorry to come back to the China question. I recognize that you don't have exposure to China spot lithium market, but can you offer us your view of what is going on in that whole lithium to EV value chain? Is there anything that you see that has implications for EV sales in China and then therefore global demand for lithium?
Luke Kissam -- Chairman, President & Chief Executive Officer
Yeah. I really -- the only thing that I could hypothesize is that there is some lower grade carbonate that's in China that when you look at the Chinese regulations moving to a longer storage and a longer battery, is having a tough time finding a place in the marketplace for EV because it won't meet that standard for that longer draw out time under the new regulations in China. And somebody -- so it's of less value and somebody is trying to find a spot for. If you -- that's the best I can offer there. I don't think it's going to have any impact at all on our business."
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