TeslaReason for the drop in price must be related to the weakness in Tesla. Syrah's major offtake agreements are with Tesla, and I would conjecture that it is the reason for the nervousness.
Personally, I don't think it will hurt Syrah. First off, I believe they agreed to a fixed price for the anode material, so this may turn into a blessing in disguise. The reason being, Syrah will be the largest source for this product in North America. With all the gigafactories being built by Tesla competitors,
there will still be huge demand. Syrah wanted their ducks in a row before spending big bucks on a refinery, and Tesla wanted their ducks in a row by tying up Syrah's production at a favorable price.
The thing is: There are plenty more ducks coming on line.