Hey gang, back in October I made the post that I've quoted about the oversupply myth and how it applies to SQM.
Heres the link as well:https://hotcopper.com.au/posts/36200787/single
This week SQM reported their production for the year.
http://s1.q4cdn.com/793210788/files/doc_news/2019/February/PR_4Q18_ing_final.pdf
In my post I said they were looking like producing 46,000t for the year. They fell slightly short of that.
45,000t of production when they were supposed to be expanding from 49,000t to 70,000t.
Oversupply indeed.
They're also supposed to be producing at an annual rate of 70,000t now, and moving towards 120,000t this year. Doesn't seem likely. That would be doubling production this year after failing to increase by 50% last year.
I think it also points out that this stuff isn't easy and fingers crossed that Joe and the team are dotting their i's and crossing their t's in their preparations. I think delivery of P1 without any hiccups would be a serious mark of distinction in the industry, so fingers crossed there.
SQM also confirmed pricing has been sitting just below 16k/t late last year, which is still very healthy. They made comments about that coming down with new supply, but I didn't really understand that. The commentary was a bit confused. Mind you, they said mid last year they thought prices would soften and that didn't end up happening, so let's see.
Cheers
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