They may be state backed, in which case the loss-leading could be a geopolitical move. It's a useful model regardless. China sell lithium at a loss to make it

They may be state backed, in which case the loss-leading could be a geopolitical move. It's a useful model regardless. China sell lithium at a loss to make it unprofitable for Australian/US miners, for example (https://www.miningweekly.com/article/china-is-oversupplying-lithium-to-eliminate-rivals-us-official-says-2024-10-08 https://www.miningweekly.com/article/china-is-oversupplying-...).