Right, yes. Which is kind of what I meant about it needing to be...

Right, yes. Which is kind of what I meant about it needing to be a reasonable index with reasonable volume, otherwise it's pointless.

You're right, if it doesn't have enough transactions it becomes a meaningless index, and there is risk of that happening.

After all, what location will the price be set at? It's the LME, so by default you would say London, except that is neither a hub for chemicals not batteries.

China? Europe? North America? South America?

There's arguments for having a contract on each of those continents, and possibly a spodumene price coming out of Australia, basis Port Hedland, but the market isn't big enough to support it yet, and may never be big enough to support all of those.

I don't think they'll ever get it down to one price. The best they might manage is one for each of the lithium chemicals at a few different locations, which isn't really an index.

Anyway, we'll see.

Cheers