I don't want to be overly specific here, but: you're...

I don't want to be overly specific here, but: you're talking about Lithium carbonate prices in China.
Lithium spodumene spot prices are shown to be down ca. -1% (!) in the last 60 days while PLS share price has dropped about -30% (!) in the same timeframe.

https://www.asianmetal.com/LithiumPrice/Lithium.html

Sure you could argue that spodumene prices might follow carbonate prices... but so far, only the margin for converters has dropped.

Highest price from BMX auction in December is nearly unchanged from November (when you compare 5,000 dmt delivery) or only slightly down by 3% when you compare 10,000 dmt sold in December with 5,000 dmt sold im November.

On the other hand, spodumene contract prices for PLS have risen (see last announcement)!

Yes, people seem to have different views about the future. Which is great... PLS share price will rise drastically when views about the future (shortage) of supply and (relentless) demand will align. It probably wouldn't if people already knew (and everything would be already priced in).