Is the lithium situation worse than we thought?
In Galaxy Resources' (ASX:GXY) four line release on 26 June it stated that a shipment planned for the end of June had been delayed into Q3. Shipments for quarter to date would be 30Kdmt. Quite dull, you might think. Until you look back and see that GXY's shipments in Q1 were significantly below production as well. On 17 June Pilbara Minerals (ASX:PLS) released a production and sales update detailing that sales of spodumene concentrate were "constrained". Our analysis of production vs sales suggests that the problem could be bigger than has been appreciated by the market.