Ah there you have it. For context my Chinese contacts said what they are saying to "the market" as bottom price is between 80,000-90,000 yuan. So I won't be surprised if it's them buying right now.
I think people are quick to forget although China may control Li prices as they control demand, but Australia controls supply. Much like OPEC+ and their decisions impacting oil, Australia does to iron ore to China's grumbling, Aussie Li producers can do just as much.
Doe people really think Aussie producers are afraid of hitting below the belt, if their profit margins are hurting? Already there are talks of limiting production to save cost and achieve forecasted profit margin. Limiting production means limiting supply, so where do people think Li prices will end up if a quick turn around, flipping demand and supply - as in more demand not enough supply as opposed to what people are saying - when Aussie producers says enough is enough you're hurting my business?
Do we really think the likes of Chris Ellison and Gina Rinehart don't talk to each other? They're probably texting right now for all we know. Aussie power players are no fools and businesses have profit margin targets. If the Li price is too costly to their margins, they will reduce cost which usually mean reducing production and therefore supply.
Food for thought and a warning for those who peddle 'doom and gloom' narratives. Australian producers control the lithium market, not China (although we're too poppy syndrome to admit it). We just like to make them think they do.
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