Bingo. I don't think anyone can dispute China's supply has been...

Bingo. I don't think anyone can dispute China's supply has been dropping based on media comments by experts. So what does this mean? It would suggest China has to source graphite from outside to meet existing demand. Enter MNS. Who knows how much but I suspect much of MNS's offtake is to cover declining production in China.

Whilst the Chinese are on the decline as producers they intend to maintain their market presence at the higher value adding end of the chain both by way of purifying/processing and marketing/trading graphite. The first step is to lock up contractually what they believe to be the biggest of the best producers of quality graphite. And they can because they have the financial clout to do so. How many other potential customers outside China have either the demand or financial backing to go locking in 100k+ offtakes? I suspect very few. I'm quite happy being in the corner of the market leader (China that is).