I think you've done a good job prosecuting the case it's RE price negative and I agree. Too much an economic pragmatist to believe any meaningful 'dual pricing' market... 'life-support pricing' market maybe.
Mines are and will be subsidised by countries happy to build investment for jobs, taxes, royalties, trade exports, votes and the supply chain security is really just a good excuse. Governments care little whether the mines are profitable or breakeven, it's a win-win for everyone except mine investors if over-supply becomes an issue, and what government doesn;t want falling prices of all materials right now? I'm afraid history hasn;t been kind to command-control managed production... usually ends up with over-supply and artificially low prices.
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