The point is if the Japanese import price remains high and AGY's...

The point is if the Japanese import price remains high and AGY's strategic partner is likely to be Mitsubishi (having sold to them in the past), a Japanese company, then the chances of securing a contract that is much higher than Chinese spot is likely - especially if the Japanese import price was $73/kg as recently as June 2023.

Whether we like it or not, the market gives a lot of weight to the Chinese spot price. If AGY secure a deal with a price much higher than current spot prices from China, say $50/kg with all the other strategic funding arrangements attached, the reaction will be very positive.