For the Quarter Ending March 2024
North America
In Q1 2024, the pricing environment for Lithium Hydroxide in the North American region has been negative, with significant price declines observed. The market was influenced by various factors, including weak consumer demand, oversupply, and low-priced imports. The downstream lithium-ion battery manufacturing industries have experienced subdued demand, leading to a cautious consumer market and a wait-and-see approach. Additionally, the declining prices of lithium carbonate contributed to shrinking profit margins for manufacturing firms.
The market has also been impacted by the dominant presence of the Chinese market, with China's EV market experiencing remarkable growth and exerting downward pressure on prices internationally. In the USA, which has seen the maximum price changes, lithium hydroxide prices dropped further, reaching USD 15000/MT by the end of the quarter. The prices have declined by approximately 7.8% compared to the previous month.
This downward trend is consistent with the overall bearish market sentiment, with low demand and oversupply being the key drivers. The traditional premium of lithium hydroxide prices over lithium carbonate prices has also diminished, reflecting the weakness observed in hydroxide compared to carbonate in China's domestic market. Overall, the pricing environment for lithium hydroxide in Q1 2024 has been negative, with prices declining significantly.
APAC
The first quarter of 2024 has been challenging for the Lithium Hydroxide market in the APAC region, with prices experiencing significant fluctuations. Weak demand from downstream battery manufacturers was a major driver of the bearish pricing trend. Consumers were cautious in placing new orders, resulting in low inquiries and limited market transactions. This led to an oversupply situation in many Asian markets, including China, South Korea, and Japan, where high inventories had put downward pressure on prices.
Another key factor that impacted prices was the decline in the cost of upstream raw materials, particularly lithium carbonate. Manufacturing costs noted a downturn as a result, contributing to the downward trend in Lithium Hydroxide prices. Additionally, the weakness in the Chinese market, driven by reduced consumer subsidies in the United States for batteries produced in certain countries, has further dampened market sentiment.
In Japan, the pricing environment saw the maximum price changes compared to other countries in the region in Q1. Lithium Hydroxide prices in Japan dropped considerably due to the import of low-priced goods. The overall pricing trend in Japan and the APAC region was negative. Weak demand, low inquiries, oversupply, and declining raw material costs have all contributed to the bearish pricing environment. The quarter-ending price for Lithium Hydroxide Battery grade CIF Osaka in Japan is USD 12810/MT.
Europe
In Q1 2024, the pricing environment for Lithium Hydroxide in the European region was mostly negative, with prices experiencing a downward trend. The market was influenced by several factors, including weak demand from the downstream markets, oversupply, and low-priced imports. The lithium-ion battery manufacturing sector faced subdued demand, with consumers adopting a cautious approach due to declining prices. Additionally, manufacturing firms reported shrinking profit margins as production costs decreased.
The European market was heavily influenced by the dominant presence of the Chinese market, which remained oversupplied due to excessive imports. This led to poor new order growth and overall bearish market sentiments. Belgium, in particular, experienced significant price changes during this quarter. Prices dropped by 7.9% compared to the previous month, reaching USD 14500/MT DDP Antwerp. The market remained oversupplied, leading to subdued imports and low volumes of trade.
The demand from the domestic automotive industry remained low, while the availability of the product in the domestic market was adequate. The adoption rates of electric vehicles slowed down, with some major players dropping their EV projects. Competition with Chinese EV manufacturers also impacted the profitability of Europe-based EV companies. The situation in Belgium reflected the overall trend, with significant price decreases and subdued market activities.
For the Quarter Ending December 2023
North America
The North American market for Lithium Hydroxide in the fourth quarter of 2023 witnessed a challenging environment. There was a significant oversupply of the product in the region, leading to a bearish market sentiment. This oversupply was driven by adequate inventories and consistent imports of low-priced goods. The demand from the downstream battery and cathode manufacturing industries remained low, resulting in minimal inquiries and a lack of enthusiasm for procurement.
Additionally, the overall weak performance of the lithium carbonate market further contributed to the downward price trend. Among the North American countries, the United States experienced the most significant changes in pricing. The price of Lithium Hydroxide in the USA decreased by 36% compared to the previous quarter, reflecting the overall bearish market sentiment. Additionally, there was a 74% decrease in price compared to the same quarter of the previous year, indicating a substantial decline in market conditions.
The latest price of Lithium Hydroxide Battery grade DDP USGC in the USA at the quarter ending December 2023 was USD 19,100/MT, reflecting the downward pricing trend observed throughout the quarter. Overall, the North American Lithium Hydroxide market faced challenges in the fourth quarter of 2023, primarily driven by oversupply, weak demand, and the poor performance of the lithium carbonate market..
APAC
The APAC region experienced a bearish market for Lithium Hydroxide in the fourth quarter of 2023. Several key factors affected the market and prices during this period. The supply of Lithium Hydroxide was high, leading to a decrease in prices. Additionally, the demand from the domestic battery manufacturing industry remained low throughout the quarter, and manufacturing costs for Lithium Hydroxide dropped due to low-cost support from upstream raw materials. These factors contributed to a decrease in prices in the APAC region. In Japan, there was a significant decrease in prices for Lithium Hydroxide. The pricing trend for Lithium Hydroxide in Japan showed a downward trend, with a decrease of 3.1% in November compared to the previous month. This downward trend continued in December, with a further decrease of 3.2%. The market situation in Japan was bearish, with moderate to high supply and low demand from the battery manufacturing industry. Compared to the same quarter last year, there was a significant decrease of 75% in prices for Lithium Hydroxide in Japan. Additionally, there was a decrease of 24% in prices from the previous quarter. In conclusion, the Lithium Hydroxide market in the APAC region, particularly in Japan, experienced a bearish trend with decreasing prices. The supply was moderate to high, while the demand remained low from the battery manufacturing industry. The current quarter's price for Lithium Hydroxide Battery grade CIF Osaka in Japan is USD 18,330/MT.
Europe
In the fourth quarter of 2023, the European market for Lithium Hydroxide experienced a challenging period. Mainly, there was a significant decrease in demand from the downstream lithium-ion battery manufacturing industry and the energy storage systems (ESS) market. This decline in demand was influenced by weakened business sentiments, economic uncertainties, and a cautious approach from consumers. Additionally, the prices of lithium carbonate, an upstream product, dropped considerably, leading to negative cost support and decreasing manufacturing costs for lithium hydroxide. Apart from this, the market was affected by the low-priced imports of the product from Chile, which further intensified the bearish market sentiments. Among the European countries, Belgium experienced the most significant changes in lithium hydroxide prices. The prices dropped by 36% compared to the previous quarter, reflecting the overall bearish market conditions. Additionally, there was a 76% decrease in prices compared to the same quarter of the previous year, highlighting the substantial decline in market value. In conclusion, the Lithium Hydroxide market in Europe faced challenges in the fourth quarter of 2023, with weak demand, decreased cost support, and low-priced imports impacting the market. Belgium experienced notable price declines, reflecting the overall bearish market conditions. The quarter ended with the latest price of Lithium Hydroxide Battery Grade DDP Antwerp in Belgium at USD 19,000/MT.
For the Quarter Ending September 2023
North America
In North America, the price of lithium hydroxide experienced a decline in the third quarter of 2023, primarily due to low inquiries, sufficient inventories, and a reduced production rate. Notably, in July, lithium hydroxide prices in the domestic market of the USA decreased, largely attributed to weakened demand from the downstream lithium-ion battery manufacturing industries. Reports indicated ample inventories of the product in the region, and imports remained consistent. Furthermore, the importation of low-priced goods from Chile contributed to the overall downward price trend of the product. It's noteworthy that the supply chain functioned without major constraints, and production rates remained stable within the domestic region. The demand outlook, both domestically and internationally, has remained moderate, driven by subdued inquiries from the downstream battery and cathode manufacturing industries. Japan, a major importer, experienced a slowdown in purchasing activities during the same period. As of September 2023, lithium hydroxide prices were assessed at USD 30,000 per metric ton.
APAC
In the Asia Pacific region, the price of lithium hydroxide experienced a decline, which can be attributed to several factors including sufficient inventory levels, low demand, and limited inquiries from downstream battery industries. In South Korea, domestic supplies of lithium hydroxide remained high, primarily due to poor downstream demand, while manufacturers continued their operations at a consistent pace in exporting nations. The demand outlook remained weak, as consumer inquiries from the downstream battery manufacturing industry showed limited activity. Battery manufacturers exhibited a reluctance to increase their orders in both the third and fourth quarters, opting for cautious purchases, particularly as they anticipated further price decreases. Moreover, declining production costs were influenced by weak cost support from upstream lithium carbonate, prompting manufacturers to continue lowering their product prices. Throughout this period, market transactions were limited, and there were no notable instances of major port congestion or supply chain constraints. As of September 2023, the assessed price for lithium hydroxide stood at USD 27,500 per metric ton.
Europe
The price of Lithium Hydroxide has continued its bearish trajectory, primarily due to weak demand from the downstream sector, low import prices, and limited inquiries. In Belgium, the price of lithium hydroxide has experienced a consistent decline, largely as a result of a significant drop in demand from the lithium-ion battery manufacturing industry during this quarter, alongside subdued consumer inquiries. Deteriorated business sentiments across the European region have contributed to a sustained downward trend in the pricing of Lithium Hydroxide. Battery manufacturers have shown no interest in increasing their orders during the third and fourth quarters, opting for cautious purchases, especially in anticipation of further price reductions. In terms of supply, the availability of Lithium Hydroxide was moderate in the European region, with market participants maintaining consistent imports of the product. Furthermore, there have been no reported instances of supply chain constraints or port congestion. As of September 2023, the assessed price for lithium hydroxide stood at USD 29,750 per metric ton.
For the Quarter Ending June 2023
North America
In April 2023, the prices of Lithium hydroxide followed the bearish movement as the market is still a little bit skeptical about the recovery of economic conditions and the bounce back of overseas players. According to the monthly rise and fall chart of Lithium hydroxide from April to June, the monthly price of lithium hydroxide in April has a small drop from March prices by 5%, a large decline in May by 10%, and an overall decline in June at USD 54600/ton. In May, the upstream lithium carbonate operated weekly, which weakened the cost support for the lithium hydroxide market. Which again resulted in a drop in the production cost of lithium hydroxide. In addition, the domestic market is capable enough to serve the downstream players owing to having an ample amount of raw material inventory. The actual market transactions were limited due to weak domestic demand. In June, the downtrend of upstream lithium carbonate continued, and the support for lithium hydroxide weakened again. The market supply was relatively abundant, the demand side was light, and the mentality of the industry was poor.
APAC
Following a large drop of 37%, the spot prices of lithium hydroxide battery grade ex-Shenzhen settled at USD 31500/tonne in the week ending on 21st April 2023. Under the mentality of downstream enterprises buying up rather than buying down, the actual orders in the market were not good. Most of them were low-priced orders. The focus on lithium hydroxide price negotiations was weaker, resulting in a dead market. The support from upstream lithium carbonate was also insufficient for the lithium hydroxide market. Finally, in the month of May, the lithium hydroxide market was in the price rise stage. In this time period, the upstream lithium carbonate price rose mainly, which backed the lithium hydroxide market. The enthusiasm for the downstream inquiry was slightly improved. The manufacturers performed well mainly in the field of long terms orders, the price mentality of the industry was strengthened, the enterprise quotation rose, and the spot market was traded just in need. In the first ten days of June, the cost support continued, driving the price of lithium hydroxide to keep up. The manufacturer mainly executed long-term procurements, and the downstream mainly followed up in need. The market had a strong wait-and-see atmosphere.
Europe
In the second quarter of 2023, the price curve of lithium hydroxide was also following the bearish trajectory of 1st quarter. The probable reason caused this movement is the increasing electric car pricing war amongst the market giants like Volkswagen in the Belgium market. The major exporting nations are decreasing the offered quotations to allure downstream consumers. The wait-and-see atmosphere was foggy, the market trading atmosphere was cloudy, and moreover, the demand in the downstream battery manufacturing and cathode industry was suppressed due to poor economic conditions. As per the price analysis of Chemanalyst, the reference price of Battery grade lithium carbonate was USD 53410/tonne, and following the same trend, the price of lithium hydroxide settled at USD 52670/tonne on June’23. As per market participants, the demand has been moderate in that region while consistent import of the product has been maintained, and the supply has been steady. In this timeframe, no supply chain constraint or no port congestion is observed.
For the Quarter Ending March 2023
North America
The Lithium Hydroxide market in US domestic region exhibited bearish market sentiments throughout the first quarter of 2023. In the first month, the prices dropped consistently amid restricted market activities in the Asian region. The regional competition dropped amongst lithium-ion battery manufacturers. In February, the prices slid down amid constrained market activities in the Asian region. The cost support from the upstream Lithium Carbonate in the region was weak thus, lowered the production costs. In March, amidst uncertainties regarding the economic conditions and slower overseas inquiries, the market prices of Lithium Hydroxide plummeted. Throughout Q1, the cost support from Lithium Carbonate remained weak, and in the last few weeks, the production rates were lowered amid higher levels of inventory in the region. Thus, the prices of Lithium Hydroxide Battery Grade DDP USGC settled at USD 67947 per tonne at the end of Q1 2023.
APAC
The Lithium Hydroxide market in China remained on a bearish trajectory throughout the first quarter of 2023. In January, the NEV subsidies ended, due to which the downstream players were cautious about new orders of the product and the disruption in transportation as the logistics enterprises stopped responding to new inquiries a few weeks before the holidays. In February and March, the market prices of Lithium Hydroxide plummeted considerably amid weaker cost support from the upstream Lithium Carbonate in the region. In the last few weeks of Q1, the production rates dropped as ample inventories of the product were present in the region, and the demand outlook remained suppressed amid limited market transactions in the region. Thus, the prices of Lithium Hydroxide Battery Grade FOB Shenzhen settled at USD 57597 per tonne at the end of Q1 2023.
Europe
Throughout the first quarter of 2023, the market prices of Lithium Hydroxide showcased a bearish pricing trend in the Belgian domestic market. In January, the prices plunged, moving identically to the benchmark offers in the Asian markets. In addition, the rise in inflation and energy prices in the European market kept the operating rates restricted. In February, the prices decreased amid a drop in regional market competition among electric vehicle manufacturers. The procurement rates dropped in this period due to lower electric vehicle sales in the Chinese domestic market, leading to uncertain market conditions. In March, the prices dropped further amidst the electric car pricing war amongst the market giants, and the domestic manufacturers slashed electric vehicle prices amid rising market competitiveness. Thus, the market prices of Lithium Hydroxide Battery Grade DDP Antwerp settled at USD 69120 per tonne at the end of Q1 2023.
For the Quarter Ending December 2022
North America
Overall the Lithium Hydroxide market in the North American region observed a slight slowdown during the fourth quarter of 2022. This market trend has been majorly contributed by the curtailment in offtakes and restricted new inquiries from overseas markets. Traditionally during December, the far east Asian market players will restrict the cash outflow from the organizations to improve the financials for the annual reports, whereas the Chinese market also observed a slackening of new orders after EV sales dropped in the region. In response, the supply-demand dynamics for Lithium Hydroxide across the North American region have narrowed, impacting the quotes offered by the manufacturers by countering the persistent growth of Lithium Hydroxide in the US domestic market. As a ripple effect, the DDP USGC discussions for Lithium Hydroxide were assessed at USD 74665 per tonne in December 2022.
Asia Pacific
In the fourth quarter of 2022, the Lithium Hydroxide market in Asia Pacific has remained on an upward trajectory. However, the constant growth was restricted by tepid sentiments at the spot market. As per the market participants, the overall market dynamics for Lithium were ambiguous, supporting the slowdown from the downstream side. The drop in sales of EVs in China, coupled with the restriction of cash outflow by the far east Asian players, has levied a significant drop in new no of I queries for Lithium Hydroxide. However, the restricted volumes available for Lithium Hydroxide didn’t widen the negotiation window as much as for Lithium Carbonate. Even though the cost support from feedstock spodumene hovered at higher levels, its impact was marly minimal. As a ripple effect, the CIF Busan discussion for Lithium Hydroxide was assessed at USD 80148 per tonne in December 2022.
Europe
The Lithium Hydroxide market in Europe observed a consistent fluctuation throughout the fourth quarter of 2022. In an initial couple of months, the Lithium Hydroxide market took a bullish run amidst the improved market activities post the long summer holidays. However, the soaring inflation and interest rates, along with the depreciation of the USD, have weakened sentiments amongst the market participants in the domestic market. As a ripple effect, the European market players lacked market competitiveness and reduced the operating rates at the manufacturing facilities to curb the impact of higher energy costs amidst the dropping temperature in North Werst Europe. As a ripple effect, the DDP Antwerp discussions for Lithium Hydroxide were assessed at USD 79500 per tonne in December 2022.
For the Quarter Ending September 2022
North America
In the third quarter of 2022, the Lithium Hydroxide market witnessed a staggering upward trend. This development has been majorly attributed to the consistent soaring dynamics of the EVs market in the North American region. The offtakes have remained constant, and the availability in the spot market has remained staggering. According to major market players, the delivery date has slipped to the end of the first quarter of 2023 for the overseas market participants. In the current supply-demand scenario, it has been estimated that the expansion of 59 new mines with a minimum capacity of 45KTPA was required, with proper recycling infrastructure by 2035 to match the rising demand. Although, in the current market dynamics majority of the supply was concentrated toward contractual deliveries against the tight supply outlook. As a ripple effect, the DDP USGC discussions for Lithium Hydroxide were assessed at USD 65929 per tonne during the quarter ending September 2022.
Asia Pacific
Overall, the Lithium Hydroxide market in the Asia Pacific region remained bullish in the domestic market. Thus, development has been majorly attributed to the mismatched supply-demand dynamics of Lithium Carbonate. The demand constantly inclined against the depreciating supply outlook as the operations at several facilities were curtailed. At the same time, Tianqui and Yahua Lithium suspended their operations temporarily. As a ripple effect, the supply was pressurized, whereas the demand soared tremendously ahead of the peak rush in the Chinese domestic market. The Ex-Shenzhen discussions for Lithium Hydroxide were assessed at USD 70470 per tonne. Most quotes in domestic currency growth do not reflect in USD amidst the depreciation of CNY against the USD in the third quarter.
Europe
Overall, the Lithium Hydroxide market in the European region was muted for the majority of the Third quarter due to the prolonged summer holidays. The spot arbitrage and operation at the downstream manufacturing facilities remained subdued, and the offers for the Lithium Carbonate on DDP Antwerp were assessed at USD 74989 per tonne during the quarter ending in September. In mid-September, as the market activities across Northwest Europe resumed, the European Union passed the "Critical Raw Material Act" to secure the supply of Lithium and rare earth metal. Its demand is anticipated to increase by five folds by 2030 to replace oil & gas in an ambition to become the climate-neutral continent. The Critical Raw Material Act will help focus on strategic applications, networking amongst the European agencies, a more resilient supply chain, and a solid & sustainable level playing field.
For the Quarter Ending June 2022
North America
During the second quarter of 2022, the Lithium Hydroxide in the US domestic market remained bullish. Constant Swidling of the benchmark pricing and robust growth in the trajectory made the US authorities restrategize by securing a made-in-America supply chain for critical minerals. The democrats announced significant investments to expand vital domestic minerals that break the dependence on China and boost sustainable practices. As the world transit toward a greener economy, global demand for the Lithium substitutes such as Lithium Hydroxide will soar steeply by 400-600% in the next several decades, with the inquiries from the EV market set to soar by 4000%.The overall supply in the domestic market tightened due to the retaliatory sanctions imposed by the US authorities on Russia. As a ripple effect, the supplies for essential raw materials were disrupted, resulting in an unprecedented drop in the offered quotations of Lithium Hydroxide dropped by -8.5% during Q2 2022.
Asia Pacific
In the second quarter of 2022, the sentiments toward Lithium Hydroxide in the Asia pacific market fluctuated throughout the quarter. This market development is majorly attributed to the slow market activities amidst the resurgence of COVID that halted production in the downstream industries that significantly impacted Lithium Hydroxide's demand outlook in the spot market. The pessimist sentiments prevailed across the suppliers in China that were further suppressed by the inspection of the Chinese authorities over the high market competition backed surge in offers that challenge the sustainable transition towards a greener economy. However, the market sentiments increased after the Chinese authorities released the restrictions by the second half of the quarter. As a ripple effect, the quotations at Ex-Shenzhen settled at USD 73190 per tonne, during the quarter ending June 2022.
Europe
In Q2 2022, the market sentiments toward Lithium Hydroxide across Europe have primarily been impacted by the conflict in the eastern European region and China's COVID lockdown. The producer's quotations observed consistent fluctuations, although the EV battery players in the European market reap the better netbacks as the EV production in China was sluggish amidst the lockdown across the region. At the same time, the European players were hesitant to pressure the Russian cargoes at the Black sea amidst the retaliatory sanctions on Russia, which presented a further shortage of other critical raw materials. Although the domestic demand outlook dominates against the supply despite the slumped EV production in the European markets led to the persistent bullish sentiments across the Eurozone. As a ripple effect, the quotations dropped drastically monthly, and DDP Antwerp discussions were settled at USD 74602 per tonne in May 2022.
For the Quarter Ending March 2022
North America
Overall, the global Lithium market observed a severe tightness in the availability of Lithium Hydroxide after Russia invaded Ukraine. According to the customs data, a significant portion of Lithium Hydroxide was imported from Russia, and a series of sanctions are likely to impact the supplies of Lithium Hydroxide in the US domestic market. In addition, the Chinese benchmark offers for Lithium Hydroxide increased by a significant margin. Therefore, the producer's quotations for Lithium Hydroxide consistently remained upward amidst the prolonged scarcity of supplies against the healthy demand from the downstream market. As a ripple effect, the DDP USGC discussions for Lithium Hydroxide were settled at USD 51000 per tonne during February 2022.
Asia Pacific
In the first quarter of 2022, the Lithium Hydroxide market in the Asia Pacific region observed several fluctuations in the market movement after the resurgence of COVID. The Chinese authorities took strict preventive measures to curb the spread by imposing a strict lockdown, including manufacturing activities. The spot offers from the traders and third-party dealers consistently climbed upwards as the market is currently facing severely short supply. Many players were anxious about the hike in the offers of Lithium Hydroxide. Although by evaluation in mid-March assessed, the upstream benchmark continued to rally upwards. As a ripple effect, the FOB-Shenzhen discussion for Lithium Hydroxide battery-grade was settled at USD 68900 per tonne in March-end.
Europe
In Q1 2022, the paced transition toward cleaner energy has clearly described the tightness in the Global Lithium Hydroxide market. Due to the boosted demand against the constrained supplies, the constant growth in the quotations of Lithium Hydroxide since 2021, and the offers observed growth of approx. 315% on a year-on-year basis. The sentiments uplifted amidst the Lunar New Year holidays in China, which supported the increment in the benchmark prices of Lithium Hydroxide coupled with the upcoming EV batteries project in the European market. As a ripple effect, the producer's quotations witnessed a persistent uptrend. The DDP Antwerp discussions for Lithium Hydroxide battery-grade were settled at USD 52200 per tonne in February-end.
For the Quarter Ending December 2021
North America
In the fourth quarter of 2021, the offers for Lithium Hydroxide witnessed persistent gains throughout the quarter. This pricing growth is majorly attributed to the tightened supply outlook in the US market. In addition, the backlog of the shipping delays further supports the market tightness of Lithium Hydroxide in the domestic market. Whereas, the demand from the EV sector observed tremendous growth in the last quarter with proportionally Lithium Hydroxide offers witnessed a gain of 136% on a year-on-year basis. However, the DDP (UGSC) (USA) prices for Lithium Hydroxide fluctuated within a rangebound of USD 29500-31900 per tonne, during the quarter ending 2021.
Asia Pacific
During the fourth quarter of 2021, the Lithium Hydroxide market in the Asia Pacific observed growth of 254% on a year-on-year basis. This development is majorly attributed to the adequate increment in the strategic significance of Lithium from the downstream EV sector. In response, the supply-demand dynamics imbalanced, whereas the Chinese suppliers provided the support required to uplift the offers of Lithium Hydroxide in the Chinese domestic market. In addition, it is estimated that the Chinese EV market would likely witness a sharp growth next year. Therefore, due to the persistently growing gap between the supply and demand the CIF Northeast Asia discussion for Lithium Hydroxide assessed at USD 29900 per tonne.
Europe
In the first half of 2021, the European Electric Vehicles sector market observed growth of 160%. In addition, after COP 26 Glasgow, the EV manufacturers were struggling to ensure the long-term supply of Lithium amidst the rapid transition towards a greener economy. However, the ongoing energy crisis in Europe induced adequate hindrances besides the delayed shipments of Lithium Hydroxide from the overseas market. Therefore, the persistently growing supply-demand gap kept the Lithium Hydroxide offers in Europe buoyed and prevailed energy crisis presented some uncertainties in the upcoming demand outlook in the European domestic market.
