The growth in graphite is for batteries and refactories. Syr have taken that market opportunity away. Hence why everybody is going for low application and tiny expandable market. Chasing price over demand growth. 5% on a small market of 75000 tonnes is 2500 a year of expandable growth . 5% of 650000 is 65000 tonnes of battery grade. Massive difference.
Everybody is stuck at finance stage, mns, ton, rnu, Knl, wkt etc. That talks volumes. No one sees graphite as investable
Moving forward 2020, page-249
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