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SCALES BACK PRODUCTION","syrah-scales-back-production","article/syrah-scales-back-production",{"_uid":557,"date":558,"tags":559,"editor":560,"content":570,"excerpt":658,"featured":50,"reporter":659,"_editable":663,"component":664,"seo_title":553,"categories":665,"visibility":672,"author_company":49,"featured_image":673,"seo_description":658,"author_full_name":49,"author_job_title":49,"formattedDate":678,"formattedArticleDate":679},"7941aca9-7646-4cbd-a5da-d588e776bfa4","2019-10-25 00:00",[],[561],{"slug":562,"name":563,"content":564},"matthew-bird","Matthew Bird",{"job_title":565,"image":566,"bio":568,"linkedin":569},"Senior Editor - Supply Chains & Data Visualisation",{"filename":567},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":571,"content":572},"doc",[573,581,587,592,597,602,609,614,619,628,633,638,643,648,653],{"type":574,"attrs":575,"content":577},"heading",{"level":576,"textAlign":49},4,[578],{"text":579,"type":580},"The outlook for flake graphite supply was curtailed in September with news that Syrah Resources would reduce output from its Balama project moving into Q4.","text",{"type":582,"attrs":583,"content":584},"paragraph",{"textAlign":49},[585],{"text":586,"type":580},"Syrah Resources announced in early-September that it would conduct an orderly reduction in its flake graphite output for the remainder of the year, with total 2019 supply from Balama now expected to be around 150,000 tonnes.",{"type":582,"attrs":588,"content":589},{"textAlign":49},[590],{"text":591,"type":580},"Syrah produced 49,000 tonnes of natural flake graphite in Q1 2019, 44,000 tonnes in Q2 2019 and recently announced production volumes of approximately 45,000 in Q3.",{"type":582,"attrs":593,"content":594},{"textAlign":49},[595],{"text":596,"type":580},"In its 10 September market update the company announced it would be conducting a reduction in production volume through the end of Q3 and to significantly reduce production volumes in Q4. The company had initially been targeting production volumes of 250,000 tonnes for the year but oversupply fears have forced the company’s hand.",{"type":582,"attrs":598,"content":599},{"textAlign":49},[600],{"text":601,"type":580},"Syrah’s Managing Director Shaun Verner said of Syrah’s decision, “in response to the sudden and material decrease in spot graphite prices impacting price negotiations and contract renewals, we have taken immediate action to reduce our production volumes in Q4 2019 to levels sufficient to maintain operations and continue our production optimisation activities. During this period, we will focus on further increases to product grade and consistency to drive our product differentiation. Although a difficult decision, we believe that this action is in the best interests of shareholders to preserve long term value.”",{"type":582,"attrs":603,"content":604},{"textAlign":49},[605,607],{"text":606,"type":580},"He added, “Balama hosts the world’s most",{"text":608,"type":580},"significant graphite ore body with a mine life of over 50 years. Our available liquidity and cost reduction initiatives allow for flexibility to manage our near-term production volumes in line with demand growth, and to ensure that price premiums reflect Syrah’s long-term supply of high quality graphite.”",{"type":582,"attrs":610,"content":611},{"textAlign":49},[612],{"text":613,"type":580},"The downgrade comes following reports of a material decrease in pricing from the company’s sales into China, with further pressures expected moving into Q4. Syrah has come under significant pricing pressures through the year. It reported its Q3 2019 weighted average price to have unexpectedly reduced to approximately US$400 per tonne, down from US$457 in Q2 2019 and $469 per tonne in Q1.",{"type":582,"attrs":615,"content":616},{"textAlign":49},[617],{"text":618,"type":580},"There is no doubt that high inventories within the flake graphite industries, aided by slower Chinese battery and EV space than in 2018, has led to the price declines seen both with Syrah and the industry in general.",{"type":582,"attrs":620,"content":621},{"textAlign":49},[622,624,626],{"text":623,"type":580},"In September, the ",{"text":625,"type":580},"Benchmark Flake Graphite Price Index ",{"text":627,"type":580},"fell to 125.0 – falling -5.8% for the month and -12.6% for the year, led by pressures across finer flake grades – as excess supplies mounted amid slow industrial demand.",{"type":582,"attrs":629,"content":630},{"textAlign":49},[631],{"text":632,"type":580},"Slow demand growth from traditional end-markets along with oversupply mean further decreases are expected before the end of the year, however, the cost structure of the majority of producers in the market should prevent prices slumping too far.",{"type":582,"attrs":634,"content":635},{"textAlign":49},[636],{"text":637,"type":580},"China’s evolving flake graphite trade balance is being advanced by structural changes in the country’s domestic market, which were demonstrated in September as state-owned Minmetals Group stepped up its flake graphite planning following the allocation of Luobei’s Yunshun mine in August.",{"type":582,"attrs":639,"content":640},{"textAlign":49},[641],{"text":642,"type":580},"While it is unclear how Minmetals will adjust production or allocation from the mine, it is expected to target increased value-added output in line with China’s wider graphite approach.",{"type":582,"attrs":644,"content":645},{"textAlign":49},[646],{"text":647,"type":580},"While this change in control could have significant implications for Heilongjiang’s longer-term flake graphite production potential (particularly for spherical graphite feedstock), the market will remain oversupplied given ongoing expansions of new operations in Africa and continued output from China’s established mines to support greater value-added output.",{"type":582,"attrs":649,"content":650},{"textAlign":49},[651],{"text":652,"type":580},"Despite some relief in price reductions, industry sources in China remain wary of a growing supply surplus, intensified by the ramp up of projects in Africa which had exported a total of 125,178 tonnes into China by the end of July, almost double what China had exported to other regions.",{"type":582,"attrs":654,"content":655},{"textAlign":49},[656],{"text":657,"type":580},"This stark transformation in the country’s trade balance is creating an increasingly competitive environment in China’s flake graphite mining sector and we could see domestic prices reach new lows by the end of the year.","The outlook for flake graphite supply was curtailed in September with news that Syrah Resources would reduce output from its Balama project moving into Q4. Syrah Resources announced in early-September that it would conduct an orderly reduction in its flake graphite output for the remainder of the year, with total 2019 supply from Balama now […]",[660],{"slug":562,"name":563,"content":661},{"job_title":565,"image":662,"bio":568,"linkedin":569},{"filename":567},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"7941aca9-7646-4cbd-a5da-d588e776bfa4\", \"id\": \"\"}-->","article",[666,669],{"slug":667,"name":668},"batteries","Batteries",{"slug":670,"name":671},"critical-minerals","Critical Minerals","private",{"id":49,"alt":674,"name":674,"focus":674,"title":674,"source":674,"filename":675,"copyright":674,"fieldtype":676,"meta_data":677,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/99e4316b5f/bm-img-2021-e1539459465264-1-e1571999462933.jpg","asset",{"alt":674,"title":674,"source":674,"copyright":674},"Oct 25, 2019","25th October 2019",[],[],1792773942220]