Binary solution set in February
We believe that the battery materials market could go either of two ways in February, and it will all very much depend on whether the restocking event we expect happens in battery raw materials and, if it happens, to what extent it occurs. The primary indicator to keep an eye on will be cell production and cathode production. China’s production of LFP was pretty depressed in Q4/23 and was seasonally very weak in Q1/23 and Q1/22. If we get more of the same and CAM production doesn’t take off until mid-year, it could be April before we see any material...