Are the Big 4 doing SDL a favour?, page-18

I personally think big 4 are not doing SDL any favour by ramping up production which resulting a dropped in price. SDL will have more interest from buyer/investor if the big 4 are not ramping up production -> higher IO price -> higher paybak for SDL

They do it because they can improve their total profit by increasing the volume. As a result of this, it will cause a ceiling in IO price in the next few year because there are plenty of chinese local supply that can easily restart their production once the demand increase.

Having said that given that our BFS based on lower spot price compare to existing spot price, SDL still have opportunity to become a producer.