I think your comment is a bit disingenuous. The demand for...

I think your comment is a bit disingenuous. The demand for Syrah’s graphite is there – but customers are buying Chinese graphite because there is no incentive for them to switch to ex Chinese supply, it’s currently cheaper (due to being backed by government subsidies and a price war). This isn’t a question of market size; it’s about Chinese dominance in supply, which is currently reliable and cost-effective.

However, Syrah’s customers are well aware that tariffs on Chinese graphite are likely by 2026. They know the price war can’t last forever and that China, already listing graphite as a restricted export, could limit access if trade tensions rise. The question is not "does Syrah's market exists?", the real question is when these buyers will be motivated to switch from Chinese graphite to sources like Syrah or RNU.