Have we passed the bottom on RM prices?
With prices within the cost curve for most battery raw materials in January, we were well due a recovery. But the question remains as to whether the bounce in prices in February and early March is a speculative recovery or due to fundamental demand? We maintain that it is speculative, but we do expect fundamental demand (or at least a restocking cycle) to follow. The question is how long will that fundamental demand take to come through and will any delay in that happening cause prices to correct back to cost curve support in the near-term? There is a risk...
Topics
Cost curve
Demand
Lithium
Nickel
restocking
Supply
