Its income fell 33% to A$19 million.
Graphite is a carbon-based materials utilized in batteries and is an important part in electrical autos. China accounts for greater than 70% of world provide of each pure, mined graphite and the artificial selection, constituted of petroleum coke or coal tar, by-products of oil and coal processing.
China’s graphite manufacturing has expanded to about 1.2 million metric tons in 2023, from about 700,000 tons in 2020. The Asian nation was additionally, till not too long ago, a serious marketplace for graphite exporters like Syrah.
Syrah stated it had not bought any graphite to China within the first half of the yr amid “intense competitors and oversupply points within the Chinese language home artificial graphite lively anode materials (AAM) market”.
Manufacturing from its Balama operations in Mozambique declined 38% through the interval to 34,900 tons. Gross sales additionally fell to 29,800 tons from 44,700 tons a yr earlier.
The corporate stated it shipped graphite to third-party prospects, primarily Indonesia, reflecting “the event of a marketplace for ex-China pure graphite AAM”.
Syrah additionally shipped 500 tons of graphite to its United States-based Vidalia AAM facility, which began manufacturing in February.
($1 = 1.5026 Australian {dollars})
(By Nelson Banya; Enhancing by Mark Potter)
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