$28k/t is VAT incl so you need to deduct 13% VAT, then 2% import duty, freight & transport (from port once in China). You also need to factor in sustaining capex & yield loss (likely at least 7t SC6/LiOH). Plus conversion cost of ~$3k.
After duties alone the converters receive $23800. Deduct conversion costs and cost of spodumene 3000 + 11900= 14900
23800- 14900= $8900
so at $28k the converters receive $8900 roughly.
Definitely not 50%. More like 30%.
still plenty of room for the spod price to move up.
Good News & Bad News, page-4655
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