Australia is a large supplier of lithium, the world's largest actually. Due to trade restrictions and irregularities arising from disputes, trade between China and Australia wasn't operating normally in 2022. Trade has now mostly resumed and the first bulkers left Australian ports for Chinese ports early this year carrying lithium ore. I suspect the absence of the Australian market meant that Chile could set their prices, and it looks like they set their prices pretty high. Plus, Chile is a longer and thus more expensive trip for any ship, including a bulker.

The high lithium prices in China were the Chinese side of the trade restrictions causing economic pain.