Disturbing CBMM's monopoly will cause reactions you can't predict now. As a smarter man said "What is the cost curve for Niobium' which is basically CBMM's operation, so how low can prices potentially drop? Yes, the belief is CBMM are smart cookies, so will they tolerate another producer...or will they crush em? Or buy em?
Another option is that a steelmaker gets involved directly to increase its offering to its current customers. Read an article saying the obvious: "OEM's are cautious to switch over to this better alternative, JUST BECAUSE of the supply chain risks (90% CBMM dependant).
I'm in the camp that thinks the Met question & answer will force the re-rating with a special kind of outcome afterward... GLTA
Niobium Market Fundamentals, page-12
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