Synthetic Synthetic Synthetic. Is there no end to it? Syrah uses...

Synthetic Synthetic Synthetic. Is there no end to it? Syrah uses language like oversupply and unsustainable but we can only take their word on it.

Let's be clear, if it's not actually oversupply and it's just the new normal supply, if it's not actually unsustainable and is quite sustainable (which has been the case for over a year now), then every single NG company is finished.
They'll be no NG fines market at all, anodes will be entirely made of synthetic going forward and NG will have just been a footnote in the process of creating a battery anode.

Perhaps I overreact, it is only the Chinese market that uses Synthetic at 100% levels. Tariffs and incentives might actually create the two markets we hope for, but it doesn't exist now. Battery makers the world over are still only buying Chinese AAM, They have absolutely no reason not to, actually worse, they have every reason to stock up on the very cheap synthetic before the IRA comes into play.

The only saving grace is the 2027 IRA non FEOC incentive, but we all know Trump is going to give that the flick as soon as he can. But maybe he will bring in a better incentive that is enacted sooner, I think that's a high probability.
But quite frankly an entire industry relying on government legislation and incentive to survive isn't a recipe for success.