China has NOT "lowered their quote targets substantially", up to and incl 2017 production quotas were 52,500 each half for a total 105,000tpa.
In line with the long stated objective of a 140,000tpa quota @2020 H1 was raised to 70,000t with the objective of capturing much of the illegal production withing the new resource tax by value.
Given the quite sharp domestic slow down H2 quotas were reduced to 50,000t = annual total 120,000t = 15,000t ABOVE previous levels.
H1 2019 quotas have now been set at the very same annual level, should H2 quotas match 2019 will total the same 120,000tpa, which is ~14% ABOVE previous levels.
Look for the facts beyond the spin doctors, Chinese manipulation of these quotas is due to LACK of demand.
Future Supply Gap, page-12
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