Morgan Stanley forecasts 30 per cent drop in lithium prices by 2025, page-36

China is not lack of graphite mines, that's problem for SYR.
China production accounts for around 65-70% of global graphite production, and 40% of China's production was exported at the moment.
Rare earth elements has a similar issue as China dominates global supply.

Lithium, China does have abundant of brine deposits, but hard to be extracted due to high mg percentage. China have a very few hard rock deposits. China's local lithium production only contributed around 12%, highly depending on import.

Lithium oversupply is due to WA hard rock producers ramping up production too quickly, ahead of emerging demand from electric vehicles. It's a time lagging issue, imo.