I have been researching how the GFEX prices work. Others have...

I have been researching how the GFEX prices work. Others have alluded that the GFEX spot market is not transparent / insightful with regard to quality of the quoted products. Hence a few questions to those that know more about the pricing mechanism than I do:

1. What portion of the lithium supply is traded on this GFEX spot vs. long term supply contracts
2. What grades end up on GFEX, ie is it the bottom of the barrel quality, or producers with small / variable quantities? In other words are converters / battery manufacturers securing their main supplies from a reliable long term contract (similar to LTR’s)?
3. If so, how comparable are the GFEX prices to the prices paid for good quality lithium spodumene supplied under long term contracts? Noting that MIN and PLS showed a +15% improvement in the prices they received for their products in the last quarterly

no doubt lithium price are low but it seems to me that GFEX prices are only showing the extreme tail ends of be market, ie. low quality / small leftover supplies. This by definition will mean that the high and low prices on GFEX are largely exaggerated.

would love to their the views from people with obvious first hand knowledge in the lithium pricing process.