We should keepum keen, and if they want it now, pay up/more.
Seriously, while contract prices are higher than spot, I'd be waiting until converter activity to picks up over the month as the report suggests. Though, I can live with $5,500 to $6,000pt, for which the traders are stating, and seemingly comfortable with. Its great to see how the BMX has changed the landscape, stronger for longer is IMO the theme, amazing what 18 months can do, with traders now implying $5,500 to $6,000pt is a bargain.....
Having said all that, there's a lot of pent up demand ex-China, US and EU hungry for raw feed, and will be that way for rest of decade. I cant see a lot of new projects coming online, beyond the new projects expected to come online this year. It will be up to incumbents to do the heavy lifting for many years, they are best placed and will be responsible to increase supply, and I'm reasonably confident that supply will be heading to NA & EU in one form or another.
Good News & Bad News, page-23150
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