Yes I noticed that bit also. It could mean a number of western plants are designed around NMC as you have increased optionality (and optionality that wouldn't exist with an LFP design). For a few years the view would be West = NMC, China - LFP. As a surprise twist at some stage one, several or many NMC plants flip to HLM. Nickel and Cobalt demand doesn't grow as you would expect from the number of Western NMC plants being built however HPMSM demand goes up lots. This is however an ideal best-case scenario for those supplying Managanese.
Flipping from say NMC 811 to HLM (65% Manganese) would appear to be a 650% demand boost for Manganese from that plant, with a -100% demand change for Nickel and Cobalt. You don't need too many western plants to make that flip from existing builds before it screws over every demand model out there.
E25 Price at posting:
19.3¢ Sentiment: Buy Disclosure: Held
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