Ann: March 2024 Quarterly Activities Presentation, page-20

I would even say it's worse than equilibrium, from Syrah's perspective, the market is in oversupply. They're not producing at a quarter of nameplate. For now.

If we follow the proposed narrative of China/ ex China, the market will fundamentally change.
USA and Europe are pumping incentives, credits and (hopefully) tariffs.
If they are serious about this electrical revolution currently unfolding then they must curb China's battery dominance. (Anybody who understands the pollution and efficiency improvements of electricity over combustion will understand they are serious.)
There is no way the west will convert (almost) their entire transportation infrastructure to electric and have the supply of the primary materials powering it coming from a nefarious entity.
So the market is splitting, China/ ex China. That's an entirely new ball game and supply demand issues will change beyond any concern you have here.