There’s DCF but in addition to a possible impending recession,...

There’s DCF but in addition to a possible impending recession, people realise that the DCF is influenced by the price of lithium in the future and a lot of new buyers are not going to come off the sidelines until they are confident that the sc price has bottomed and is coming up in a healthy range. Obviously many of us believe that the China spot prices are not a reflection of the true price but there is a widely publicised narrative to the contrary. It’s obviously difficult to time the bottom too.

Even on Shanghai Metals the sc6 price decline is bottoming and I think the biggest catalyst for the SP is going to be a change in sentiment regarding future lithium prices or favourable earnings.