To me they went forward with the tolling arrangement instead of BMX as they knew the pricing would be substantially lower than the previous auction. The tolling arrangement is ok, as it aligns the price we receive with the price the converter gets, so as others have mentioned before, we share the pricing risk.
Personally I think they should have gone ahead with auction, the BMX platform was the only fully transparent market we have and even if the pricing was bad ($5500-$6500) at least everyone would know what the spot price today is.
This tolling arrangement tells us nothing about what the true spot price is and all we have to go on is the China spot price that could be really small volumes, hard to tell how reflective that is to contract pricing moving forward.
To me they went forward with the tolling arrangement instead of...
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Last
$4.19 |
Change
0.010(0.24%) |
Mkt cap ! $12.61B | |||
| Open | High | Low | Value | Volume |
| $4.20 | $4.24 | $4.17 | $45.33M | 10.78M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 22127 | $4.19 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $4.20 | 255294 | 8 |
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| Last trade - 16.10pm 06/05/2024 (20 minute delay) ? |
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Last
$4.21 |
Change
0.010 ( 0.57 %) |
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| Open | High | Low | Volume | ||
| $4.20 | $4.24 | $4.17 | 4071195 | ||
| Last updated 15.59pm 06/05/2024 ? | |||||
| PLS (ASX) Chart |