Rodney's post said 100kt LCE of spod. So more like 700-750kt of spod, 6-8months worth or thereabouts of raw material for converters which is consistent with audited half year accounts for ganfeng and tianqi. With CNY and Covid it is unlikely those inventories were drawn down materially in March quarter, even with slower shipments from WA producers.
There is a difference between genuine demand and moving good quality product at discount prices.
Overlay the shipment with latest pricing points from SMM who use offtakers as their pricing source and the picture is pretty clear, very low USD400s/t CIF for good quality material. Bargain prices for offtakers, liquidity for producers.
AIMO
Over Supply Will End...,,, page-39
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