H-Acid Chaos II: The 100,000 Breakout

One week after our special edition, Chinese H-Acid has punched through RMB 100,000/MT; a historic high, up 150% year-to-date and squarely inside the upside scenario AJC laid out on 24 August. This follow-up covers what drove the breakout, how deep the supply hole now runs, and who is built to survive it.