Seems like a regular run-of-the-mill supply and demand mismatch. Once new mills are open, and existing mills start ratcheting up production, the prices will fall.
That's assuming someone wants to open one. The demand was spiked by the pandemic which is subsiding. According to the article a new mill take 2 years and technology impacted by the microprocessor shortage.
Now that the pandemic waining and people are heading back out, is it not safe to assume some of that demand will be subsiding?
Pun intended?