Banter and General Comments, page-20117

Whilst there is a lot to digest from the recent spate of MacBank research papers released over the last couple of days, the one fundamental shift that (for me) has seen the silver doughnut change their view on the market is captured by the following charts.
Essentially, MacBank have come to the realisation that supply is (and will be) limited for some time and that any supply response will be swamped by future lithium demand. And, to make matters worse, much of the existing spodumene supply is actually spoken for as integrated supply (i.e. its not available for 3rd party conversion).  This tightness will lead to higher spod prices, with MacBank now forecasting the following:
"...Rising electric-vehicle demand is expected to result in material deficits emerging from 2025. Given the size of the deficits, we expect lithium prices to remain at or above incentive pricing, which we estimate is US$720/t for spodumene, US$13,000/t for lithium carbonate and US$16,000/t for lithium hydroxide."