As far as I understand:
legacy offtake agreements had price mechanisms reviewed annually; with floors and ceilings limiting contract pricing correlation to spot prices, etc.
Contract pricing was still realised on qtrly basis.
Hence realised average contract pricing went from $3,600 - 4,200 - 4,800 by qtrs
New contracts (starting Dec/Jan) are supposed to reflect changes in spot prices and market conditions much faster and with a lot less limiting by the way of floor/ceilings and past pricing influences. Thus 30% increase in spod prices in qtr won't take 3 qtrs to work it's way into current price but it will be reflected pretty much in full in the following qtr.
No?
Good News & Bad News, page-20844
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