Concern about spodumene inventories
While lithium chemical inventories seem to be heading in the right direction there is some increasing concern about a build up in spodumene inventories, both at miners and converters. CQ3/23 data suggests that the shipments/inventory ratio for Western Australian miners may be peaking out. While the peak is not as high as it was in 2017, there is increasingly a risk that we are at a point of inflection. Given the magnitude of the decline in prices between 2018 and 2020, any decline in the S/I ratio has to be a concern. We have already seen a substantial decline in...