You cannot make an anode with 100% NG (even 50% is rare)You can...

You cannot make an anode with 100% NG (even 50% is rare)
You can make an anode with 100% SG.
So that's what producers are doing. No NG needed. to add insult to injury, SG is a more reliable precursor in anode too, a better product for battery longevity.
That fast markets/benchmark minerals 90 mines rubbish is a relic figure from before the SG price crash. Before the idea of the China/ex China divide. I have no idea why that's still touted. But I bet it's tricked many a punter to get into the black stuff. IT TRICKED ME. -.-

Our only ace up the sleeve is Ex China, because the production of anode ex China will always be a mix of NG and SG due to ESG. Posco (and Korea) don't have existing SG capacity or copious amount of petroleum being processed in their country like China does. SG precursor isn't abundant outside of China, and I suspect it never will be.

I trust every reader here knows all this info anyway so I'm probably just pissing in the wind here.
But we all should be on the same page that Chinese battery producers will always use SG over NG, and if Chinese graphite is an option for battery producers ex China like is currently is right now, ex China will only use SG too.

That's why it is wholly and solely SG's fault the market for graphite is where it is, and why WKT didn't survive.