With global underinvestment in graphite production outside of China and current prices too low to incentivize new supply, the EV industry faces a critical challenge—what price will it take to get new projects off the ground? 

• The natural graphite industry needs >$1,000/tonne prices to support new supply outside of China. 
• Current low prices are preventing necessary capital deployment to meet future demand growth. 
• Rising capital and operating costs are outpacing graphite price increases, creating a long-term supply risk.