I think it's a bit more nuanced than what you what you have...

I think it's a bit more nuanced than what you what you have dicerned.

They are happy with the price under $10 USD/lb. Others are not so much.

With a price of $9 USD/lb they are worth 30X+ market cap in many years should nothing go wrong. etc.

Should the price go above $10 steel producers may substitute for niobium, but only some of the players would as after the cost of $10lb other suppliers come on on board also. i.e. supply increases

Being the lowest cost producer (to my knowledge), they can supply base and surplus most efficiently.

More-so than multi-metal producers.

Realistically you want the material to be affordable.

Other less-cost-effective players can help support that as their cost base is around $10lb also.

Being the predominant base supplier is the aim here as they can ultimately acquire less efficient operations.

All IMHO DYOR not investment adivice.