Syrah Resources (ASX:SYR) said it sold and shipped 30kt of natural graphite during the quarter that end in March.
Production at the company's Balama mine was 41kt.
Syrah operates its flagship Balama Graphite Operation in Mozambique and a downstream Active Anode Material Facility in the United States
The company said Chinese sales were volatile "...resulting from apparent high cell and anode inventories, with growth in global electric vehicle (“EV”) sales slowing to 32% in March 2023 quarter, versus the March 2022 quarter, to ~2.7 million units."
The company plans to move forward maintenance.
"Considering prevailing volatile China anode market conditions and the availability of significant finished product inventory, Syrah will moderate production from Balama until demand conditions and sales orders at economic prices warrant higher capacity utilisation. During this time, Syrah will execute operational improvements, bring forward planned maintenance, and focus on minimising costs," said the company in a news release.
