Good points HK.
ALL IMO
However, not everything said in the press is true about China.
To some degree China is happy to be seen publicly as closing their trades.
...and no doubt they are
They will still deal under the table for anything they want.
As to exposure to China, it is also a risk and should not be relied upon.
However, the visit JM/ADN did to identify LOIs was to only one city and there was 8 ceramics manufacturers!
I believe one was a Japanese based company.
Point being it is but a microcosm if the Ceramics Market
I believe there will be enough diversification in ceramics and it only needs to run for 5 years and ADN will have proven other sustainable markets for the product by then. As these will be new contracts (and most large Chinese Coys have state involvement) I imagine part of the negotiations to supply will be some confirmation the contract will not be impacted by trade wars.
Time will tell
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