Chart, page-15133

Why do I believe we are at the bottom of the cycle?
Because spodumene pricing has fallen to a point at which mines have been placed into C&M - particularly Wodgina given its size - output has been reduced significantly elsewhere. Expansion plans shelved.
They are typical signs of being at the bottom of a 'commodity' cycle.
We have also seen SP falls from operators in the range of 80%.
So yeah, I would suggest we are at the bottom of the cycle. That is not the same as the SP has bottomed.