This is true, however it still faces the hurdle of getting the major producers to use it:
https://www.reuters.com/article/us-lithium-electric-lme/albemarle-declines-to-participate-in-lme-lithium-contract-idUSKCN1TC21Q
Transparent pricing isn't in their interests, so not sure how that is going to play out. Exchange contracts only have value if there is liquidity. Someone will need to push the industry towards it if it is going to happen.
Cheers
Lithium Related News, page-1150
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