Syrah Resources Limited (SYR.AX) announced that the US International Trade Commission (ITC) issued a final negative determination in the antidumping and countervailing duty (AD/CVD) investigation into graphite active anode material (AAM) imports from China.As a result, AD/CVD rates of between 160% and 170%, previously determined by the US Department of Commerce (DOC), will not be applied to Chinese AAM imports. This reverses the preliminary affirmative determination made in January 2025, which had indicated that Chinese imports were materially retarding the establishment of a US AAM industry.
The investigation originated from a petition lodged in December 2024 by Syrah Technologies LLC, Syrah's wholly owned subsidiary, along with members of the North American Graphite Alliance. While DOC had determined final AD/CVD rates in February 2026, the ITC's decision means those duties will not take effect. Syrah maintains that Chinese AAM is being sold at unfairly low and subsidised prices, harming the development of a domestic US AAM industry, and is considering its rights to appeal the ITC's ruling.
Despite this outcome, existing and potential US import tariffs on Chinese natural and synthetic graphite AAM remain in place under various trade acts, while US policy continues to encourage ex-China and domestic sourcing strategies. However, the ITC's decision may delay near-term AAM sales from Syrah's Vidalia facility and limit demand growth for US-produced AAM and Balama natural graphite feedstock. Syrah emphasized that the Vidalia facility is producing high-quality, cost-competitive AAM and remains fully prepared for commercial ramp-up, with plans to continue pursuing production growth and customer sales.
Syrah Resources shares were trading on ASX at A$0.1700, down A$0.0700 or 29.17%.
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