Ann: Diggers & Dealers - MD Presentation, page-67

Several of the Chinese companies I have spoken to that is importing SYR's flake is that SYR is offering the -195 40% to 50% below market price and below the cost Chinese can produce, so that is the driver for the increase in imports...pushing quantity through low ball pricing.

Also uncoated SPG pricing is from processor to processor and not processor to battery manufacturer as the SPG product has to be coated to meet specific BET, OAN, and TAP Density specifications as indicated by a battery manufacturer. In essence, the processor to battery manufacturer is reaping the marginal revenue and profits where SPG PSD's (D90) range from 5 micron up to 50 micron depending on the battery format and application. Prices for finished ready to use SPG graphite is 4 to 8 times higher than uncoated SPG depending on the PSD.