PLS using BMI's data. Due to producer contract pricing mechanisms, I believe they all lag by 1 or 2 months, therefore, it's likely that contract pricing will fall further in the June quarter, while spot recovers, which may lead to a leveling out of contract pricing for rest of CY. Note I'm lumping all products together.
The second S/D infographic, suggest a balanced market in 2024 and small surplus emerging in 2025 and 2026, assuming potential supply arrives in forecast volumes. Though, wipe 20% of forecast supply, the chart would look very different, nonetheless, in 2033 one could look back and say the market was in deficit for the past 10 years, 7 out of 10.
Good News & Bad News, page-28292
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