'Simply due to the IRA's existence, new refineries outside of...

'Simply due to the IRA's existence, new refineries outside of China equals new capital any way you look at it so an increase in price is inevitable.' With some context

'Due to the IRA's existence' being for example: (and what i meant by more IRA driven)
- In the U.S a battery manufacturer looking to source IRA compliant materials
- In the U.S an automaker wanting to integrate refining into its battery manufacturing subsidiary for vertical integration

Indirect to the IRA but in close relation to for example: (and what i meant by IRA echoing global vertical integration, currently forming in the EU)
- In the E.U. an automaker looking to develop a fully integrated local supply chain
- In the E.U a battery maker looking to continue or increase supply that need local refining to meet obligations for it's region


and an increase in price is inevitable simply because the infrastructure costs are higher in these areas, compared to china, from which the current spot price is predominantly formed on. Your microeconomic law doesn't apply here as, 'all factors are not equal'