Cold comfort UBS et al are now calling the bottom of the market...

Cold comfort UBS et al are now calling the bottom of the market at 70000. In reality how much lower could it go? What is needed is a substantial uplift in price from here for Australian miners to make good money. That uplift will come from competition for the Chinese generated by ex China supply chains being developed this year. The partial unwinding of China's market manipulation via the closure of CATL's mine has given the market a sugar hit today and is an admission of guilt, but a sustained improvement in market conditions will only come via structural change and pricing control being removed from the Chinese. It is too early to celebrate and some of the broker commentary suggesting a turnaround is too bullish ATM IMO