I think the graphite price fall is due to falling demand for...

I think the graphite price fall is due to falling demand for steel (creating a temporary supply excess), particularly from China, and a degree of price manipulation. China controls the PSG price and depressing it stalls business cases and keeps new competition out of the market for longer, maintaining China's market dominance. I think this price fall is only temporary given that China is now a net importer of graphite and rising demand for EV will soak up the excess supply quickly.

I think the competitive tension between Posco and Mitsubishi Chem is fantastic for us. The delay only goes in our favour. The longer the buyers wait, the more chance another buyer will beat them to it. The buyers want our quality, ESG credentials and low sovereign risk. They see the looming supply shortage in a few years and need to secure supply now for that period/long term. I agree that other battery technologies are a long term risk but demand is so great that they all want to secure graphite for anodes - Tesla, posco, Mitsubishi etc in the market being evidence of this (Tesla even buying large flake from Africa).

All IMO of course. Exciting week(s) ahead!