FA & General Banter, page-20041

It shows that demand is so strong that PLS aren't interested in Spot rather higher prices achieved through Hydroxide pricing. This in turn will act as an indirect means of increasing the spot price of Spod (as producers like PLS directly negotiate with converters using Hydroxide price). Given that there will be parties that miss out on those direct negotiations then Spot must shift hence increasing competition again to secure lithium product. So two can play the game of setting market prices. CATL think they are smart but producers have the upper hand