Although LTR offtake pricing is linked to hydroxide price, I'd say the most relevant price is Chinese lithium future price (July 2024 contract), it's the most active price with a massive volume and it's future price in July 2024 when first spodumene to be produced by LTR.
The spot Chinese price is less relevant as it's current price, not the price when LTR is producing.
Here's my calculation for converting lithium carbonate price to spodumene concentrate (6%, FOB),
Currently future price indicates spodumene concentrate price (FOB) is around US$1,101/t.
So despite Chinese future price fell today, the spot SC6 price is still catching up, will rise towards the futures indicated price, imo.
Here's LME lithium hydroxide price, very inactive, they're basically tracking Chinese spot price.
Chinese lithium future price (LC2407), rose for 8 days, then followed with two sharp correction days, I expect it to finish correction tomorrow, then continue to recover, towards minimum CNY 150,000 per ton.
It's quite common to take a breath before next big bounce.
ALL imo.
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