Ann: Siviour Battery Anode Material Study Results, page-471

There is quite an interesting correlation between oil price, graphite and electrification hey.
As more electric cars come online and the use of oil lowers, an oversupply is created which in turn lowers the price of oil, which in turn lowers the price of synthetic graphite.
If this correlation is strong enough, the only thing that will save natural graphite will be mandated ESG requirements.

Syrah is running well below capacity. As soon as they start consistently increasing production we will have our best signal the market has shifted.

What indicates to you that China will stimulate their economy further and that it will have an effect while the western world is inflated? I suspect China will ramp when inflation lowers and spending increases.