Downward pressure on Syrah Resources shares stems from a combination of depressed global natural graphite prices, sluggish ex-China demand, policy uncertainty regarding trade tariffs and critical mineral incentives, and constrained production campaigns at its Balama mine. Additionally, intense competitive pressures from China-operated suppliers active in international markets, combined with ongoing cash burn and the cyclical nature of battery-material supply chains, have weighed heavily on investor sentiment and valuation multiples.