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Re: Production Consensus and Reliability Update
Responding to JK on this question now, as it's a very good question. I'd say the differences between this year and 19/20 during the last off cycle are that demand will be higher (half of the 19/20 year was impacted by the initial covid lockdown), GCA inventories are lower, exchange inventories despite the last 6 months' rise, are also lower, and despite the weaker BRL vs 2 years ago, Brazilian costs translated into dollar terms are higher, due to higher input prices.