I think we were all a little surprised, and also very pleased, at the results of the inaugural BMX auction.
I believe there is significant information that the BMX auction results have exposed...
Up until the BMX auction, each Australian producer may not have known in a timely manner, the price that each of the other Australian spodumene producers was receiving for their product. This benefited customers who could shop around for the best price, playing one producer off against the other. Now that all the producers (and customers) are aware (via the BMX auction) of the current prices possible, it may encourage producers to resist selling at levels less than the BMX sales. The number of losing bidders and the value of their bids will also provide to producers, an indication of the current level of support for the product.
This, I suspect, will give the Australian producers a little more confidence in negotiating contracts, which in turn will benefit PLS and all producers by setting a market price.
The above is premised on the assumption that the BMX auction results will continue to be made public (via company announcements).
Emma
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