Some comments:
1. Ganfeng's objective in increasing the size of the offtake is to secure a long-term supply of quality spodumene. So now is a good time to consummate such an arrangement with PLS while supply > demand.
2. The price Ganfeng would pay is the same whether supplied under an offtake agreement or purchased on market. Hence price is not the motivation for both parties entering into this agreement.
3. The spot price did hit US$8400/dmt but only for a very limited time.
4. My view is that the SC6 market with eventually re-balance and we will witness a new price uptrend for SC6. Unfortunately we are not there yet and until re-balance occurs the SC6 price will remain under pressure.
Some comments:1. Ganfeng's objective in increasing the size of...
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