GALAXY GOING DOWNSTREAM, page-56

This seems suss to me too. Call me cynical but the Gangfeng's and Tianqi's and other converters of the world may be deliberately holding back on processing now as they know the hugh wave that is to come and they will get better margins later. Short term pain for long term gain. This also gives the bigger ones the added benefit of snapping up lithium mines on the cheap / the ones that can't sustain themselves through the downturn they created...