It wasn't far off. Current spot Chinese lithium carbonate(LC) is around CNY 75000(US$10 500)/t. Was even lower. From US$12 000 to US$10 500/t is more than 10%. Maybe not 20%, but still down.
Implied spodumene price for breakeven to convert to LC is about US$10 500 - conversion cost of US$5000 = US$5500 available for spodumene. Takes 7.5t of SC6 about to make 1t LC. So implied breakeven for LC would need a SC price of US$5500/7.5= US$733/t. This is around where SC is trading at the moment. Converters are not making any profits. Mines not making any profits. LC price likely needs to move higher first before SC price will move in a meaningful way in my opinion.
Good News & Bad News, page-46303
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