I assume that CATL and BYD can only operate their lepidolite mines at a loss for a certain period. It can't go on indefinitely. How long I don't know.
The Chinese will keep going at a loss because the loss is offset by the cheap market rate. It’s a mechanism the Chinese are doing to keep their average lithium costs dirt cheap.
I believe this will be overcome when the auction decouples and the west will have their own pricing auctions.
This will happen as the lithium market matures and finds equilibrium.
WR1 General Discussion, page-31446
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