There is no doubt that the BMX is enabling the price discovery that PLS require to negotiate a higher cut of the finished chemical price.
The second auction (and maybe a third) was required to demonstrate to POSCO that they have devised a spot market platform that transfers market power to the miner in a sellers' market.
POSCOs backs are against the wall. They know their offtake only has a year or so to run and they need SC6 feedstock security to meet their business plan objectives.
This delay reflects the Koreans going through the grief cycle that the power balance shifted away from converters. Just like it did for iron ore when BHP et al shifted to spot pricing during the last boom. They've been here before, with their steel business.
We jagged the JV with rock chips, hopefully we'll seal the deal owning the casino!
GLTAH DYOR
POSCO & PLS, page-10
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