Syrah Resources' losses deepen as China glut hits graphite demand
Sept 9 (Reuters) -Syrah Resources SYR.AX on Monday posted a wider half-year loss after its graphite production and sales plunged amid a glut in major market China.
The Australian miner's half-year loss widened to A$67.1 million ($44.66 million) in the six months to June 30, from A$38.6 million in the same period a year earlier.
Its revenue fell 33% to A$19 million.
Graphite is a carbon-based material used in batteries and is a vital component in electric vehicles. China accounts for more than 70% of global supply of both natural, mined graphite and the synthetic variety, made from petroleum coke or coal tar, by-products of oil and coal processing.
China's graphite production has expanded to about 1.2 million metric tons in 2023, from about 700,000 tons in 2020. The Asian country was also, until recently, a major market for graphite exporters like Syrah.
Syrah said it had not sold any graphite to China in the first half of the year amid "intense competition and oversupply issues in the Chinese domestic synthetic graphite active anode material (AAM) market".
Production from its Balama operations in Mozambique declined 38% during the period to 34,900 tons. Sales also fell to 29,800 tons from 44,700 tons a year earlier.
The company said it shipped graphite to third-party customers, mainly Indonesia, reflecting "the development of a market for ex-China natural graphite AAM".
Syrah also shipped 500 tons of graphite to its United States-based Vidalia AAM facility, which started production in February.
($1 = 1.5026 Australian dollars)
Reporting by Nelson Banya; Editing by Mark Potter
免責聲明: XM Group提供線上交易平台的登入和執行服務，允許個人查看和/或使用網站所提供的內容，但不進行任何更改或擴展其服務和訪問權限，並受以下條款與條例約束：（i）條款與條例；（ii）風險提示；（iii）完全免責聲明。網站內部所提供的所有資訊，僅限於一般資訊用途。請注意，我們所有的線上交易平台內容並不構成，也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。
所有缐上交易平台所發佈的資料，僅適用於教育/資訊類用途，不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議，或是交易價格紀錄，或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。
本網站的所有XM和第三方所提供的内容，包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接，皆爲‘按原狀’，並作爲一般市場評論所提供，而非投資建議。請理解和接受，所有被歸類為投資研究範圍的相關内容，並非爲了促進投資研究獨立性，而根據法律要求所編寫，而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊，相關詳情請點擊 這裡查看。
