To me, this could mean two things, One terrible, one...

To me, this could mean two things, One terrible, one wonderful.
Either Synthetic has become so plentiful and cheap in China that Natural has lost its value OR there is about to be a massive influx of NG purchasing EX China.

I have coped a lot of slack for suggesting SG will crush NG prospects going forward, It should be clear to all that the only benefit for NG was price and now with China's SG overcapacity the price is comparable (whether artificially remains to be seen). Not to mention SG has arguably better characteristics over NG, (marginally increased battery range, marginally less degradation, if used for AAM) it would be a better product if not for the energy consumption to process it and go talk to the boys at NVX if you think ESG (currently)matters in this race.
So even if China has decided to use 100% SG anodes, eventually China will be out of the picture in Europe and US markets and since the rest of the world claims to still use blended anodes and claims ESG matters, there is still a world where NG is needed.

((The question should be asked though why is it that AAM can be 100% SG but only 60% NG blended? I've never once come across anode composition of 100% NG. ))

Anyway, China isn't stupid. they wouldn't allow inventories to deplete to zero without shoring up supply from elsewhere and I've yet to notice any announcements. But it is still early, June has been eerily quiet as I proclaimed it would and as another poster said, July should be big.