The usd393/t spod price bmi is quoting is spot on with SMM.
The step down in price was last week, with pls, ajm, gxy shipping one might lean towards administrators of A40 liquidating whatever is left. That is what they said they would do and the timeline marries up.
If the 373 figure is correct it could well be a40 stocks.
Re inventory reduction in China, presumably most of that would be by greenbushes offtaker(s) assuming that is where the slowdown in spodumene exports is coming from.
It would be no surprise to see Tanqi taking less and Albemarle maintaining their usual, given Tianqis liquidity issues.
In saying that, if it is heavily skewed towards Tianqi, it does not necessarily translate to higher demand elsewhere unless Tianqi is willing to toll treat for someone else to get some extra $$$. Hard to see that being worthwhile for anyone at current prices.
Unfortunately this is a time where you ship and produce to maintain offtakers. Losing them currently poses a bigger risk than losing immediate cash.
Aimo
Good News & Bad News, page-6370
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