Where is the bottom, I would say cash in the bank. Any contracts will add value. You mention China. I cannot see that happening to be honest. They will be heavily sanctioned.
Is it a love once warm that has now grown cold. A short going wrong. A need to be right. Take your pick. Price is fairly settled. We know the predictions for 2025. They are all priced in. Its priced at basically cash. Consolidation is coming in this business.