that was in 2020 with covid raging and the mine was shut but you're missing the point of discussion. Tell me what a new management team could have done differently?
Seems to me a lot of people in here simply don't understand the business. It is all about getting 2 x 45kt AAM plants into operation so the company isn't at the whim of Chinese EV subsidies and demand fluctuations. Not to mention geopolitics.
Last qtr the Chinese cut their subsidies again knowing it would cut demand for EV's. Instead of maintaining orders, Chinese chemical/AAM producers decided to reduce their inventory instead. I believe it was a geopolitical play to get the price of lithium down and probably cobalt. Graphite got caught up in the middle.
What people have missed is
1/ SYR produced 41kt at a C1 cost of $668/t. They shipped/sold 30kt
2/ the qtr before they produced 35kt at a C1 cost of $709/t. They shipped/sold 28kt
The problem was 2 fold. The 30kt drop in demand for the Qtr and the $80 drop in price the drop in demand caused. The price of Lithium has dropped 75%
I have to laugh when people post but but but other graphite companies SP aren't dropping as fast as SYR's. The reason they are not is because the current drop in price and/or orders doesn't affect them. They don't have any to be affected. If the current supply/demand situation was going to be long term, they'd all be less than a cent. Who would finance opening a new graphite mine if nobody wants to buy natural graphite?
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