Fair comment. My thinking is if the thesis around decade long supply deficit remains in tact, then prices will stabilise at some point (but remain elevated) for years. You can't have a situation of prices crashing or dropping by 50% if demand consistently is > supply. That maths simply can't compute.
Maybe these prices aren't as crazy as we think, and this is the new norm? I mean realistically it's a chemical that has gone from ceramics and in increasing volumes for batteries in small items like laptops and smartphones to now big cars, trucks, buses. The demand driver has significantly changed and the thesis is that supply in the volumes needed for EVs + storage is going to struggle for a while yet to catch up.
Ann: BMX pre-auction bid, page-143
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