I’m not sure how low it will go, but my estimation is that we are bouncing around somewhere near the bottom.
Consider the cost of production, as well as the AISC, as well as profit margins of various producers…. Then consider the rising demand and incentive pricing for new projects….
…don’t forget inventory draw-downs and the “funny games” that some govts will play….
Imo we are probably “around” the bottom at these levels… although indeed possible for there to be some aggressive shakeout or similar, although imo not sustainable…
This may be interesting/relevant, when considering other factors, including those noted above:
imo
Dyor
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