Ann: HPA Testing Confirms Premium Grade Feed Potential, page-98

I see your point but remember this is all forecasting, not actual demand. Lets hypothesis, say China don't increase their production of E-Cars or their demand for HPA. I still think there will be massive demand from China for electric vehicles of all types, everything imaginable will be powered by batteries (well that's the way it's looking now, I'm still working on the flux-capacitor, but it's difficult to get hold of U308). So even if they don't consume more HPA someone will.... and ADN are gettign positioned to supply it. Yes I agree there are many variables, but that's the nature of the world and certainly the nature of forecasting the future.