Ann: Annual General Meeting Presentation, page-114

There's a wide variety of converters worldwide.
In China, the vast majority are unable to produce EV BG lithium chemicals.
Compounding this is the demand from non-China EV makers is for a quality of BG Lithium above what the Chinese domestic market had been producing for their local EV market.
Changes in various subsidies has affected the economic viability of low grade Chinese BG converters. There is a scramble to upgrade the facilities and major issues with financing.
In short this means many Chinese BG converters are offline after spodumene had been stockpiled. Essentially there is a short term lag in demand for spodumene in China.
BG Lithium has different definition for different OEMs and EV BG is often different to BG.
DYOR