You are comparing margins product from a communist country to...

You are comparing margins product from a communist country to those produced in a democracy. o doubt the democracy is about to take back control of production and sourcing of critical metals as evidenced by the changes in law in the US I've past number of of years under Biden administration. China has simply run out of road in terms of exporting dramatically subsidised critical metals and battery's. Take a look at the recent wars in Ukraine and Gaza- the most modern technology is utilising battery powers. Now ask yourself a question- where is that coming from? Answer- China via Iran.

There is no way in hell the west can continue to allow this to happen otherwise the west will just feed its own destruction and indeed its own demise in any subsequent war. The dial has changed - battery's are no longer about motor vehicles. They are about technologically advanced military hardware that overwhelm an opposing army in an instant. I was reading about a $3B UK military ship that came under attack by dozens of cheap Chinese made Irian drone costing less than $500 each- powered by what - lithium ion batteries made in chinas. Forget about exporting and producing Spod only. That day is well and truly over. Only integrated chemical producers will survive. I would also go one step further - integrated chemical producers that are linked directly into western manufacturing conglomerates. That's were we need to be, not looking at spod margins versus carbonate margins- that's a fools errand as ultimately Spod will be be worthless unless converted into a chemical compound useful for producing and manufacturing. Imagine relying on china to do conversion of spod and all of sudden massive tariffs introduced? What then - you are left with a worthless product with no refinery.