By 2024 25% of PLS's spod will be supplying its hydroxide JV plant with POSCO, and the remaining 75% will processed to midstream product and shipped to the EU, US and maybe some will find its way to China or other parts of Asia.
PLS spod term offtakes come up for renewal in 2023 and 2024, so it's unlikely they will be renewed and instead used to produce midstream product as above. That is why China converters are positioning themselves in Africa including the DRC, and if demand remains strong enough to bring AVZ online, it will be China's whipping boy.
Most spod projects will vertically integrate and sell higher margin salts or chems, so spod will just be a input cost for those conversion plants, therefore majority of spod production will be quoted at "cost of production", which will put downward pressure on the price of non-integrated spod.
AIMO, DYOR
Good News & Bad News, page-3812
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