Also worth highlighting that the contact price was $669 per tonne, but the spot price at time of delivery was $1614 per tonne for 87 tonnes ($58k contract vs $1

Also worth highlighting that the contact price was $669 per tonne, but the spot price at time of delivery was $1614 per tonne for 87 tonnes ($58k contract vs $140k spot) I am not sure how much the future deliveries and spot prices diverge (I would expect savings on pre-purchasing), but there was potentially significant profit motivation for the seller to find any reason to back out of the deal.