The normal logic is that SP goes down because the graphite price...

The normal logic is that SP goes down because the graphite price is going down, but the graphite price (see above) has been going up since April.

Q: Why the SP is still going down when the graphite price has been going up?
A: (1) the shorts sellers do not want it going up to avoid losing money; and (2) the big buyers do not want it going up so as to accumulate more at cheap.

As I said before, there is a divergence between SP and the indicators since May. The SP will go up eventually. This should be at least a $3B company in 3 years, 10 bags from current MC. If there is one graphite company that could survive the current down-turn, that would be SYR not only because of the size and quality of its resources but also the government grants and loans. There are not many developed natural graphite mines outside China anyway. My 2 cents anyway.