Your question was rhetorical I believe. Your very well established analysis (in which I agree) contains the answer. Spod producers are in the red, while chemical producers are either breaking even (Orocobre would be an example or Livent) while others still show some depressed profits (Albemarle, SQM etc). True that Lepidico will be a chemical producer if all go well but still not being one as we speak may have its advantages until the market gets better in due time.
Your question was rhetorical I believe. Your very well...
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