Syrah is a challenging position. In 2019 the graphite market...

Syrah is a challenging position. In 2019 the graphite market will transition from oversupply to undersupply. Economies of scale dictate that their cost per tonne is directly related to the amount they produce (Currently 550 vs 400). As the world's biggest producer, if they over-produce they risk flooding the market and thereby reducing the price they command per tonne. So it's a waiting game for all those involved, the company and the shareholders. While it's frustrating to watch, I think the hand they are playing is the correct one for the climate in which they find themselves. As supply dwindles, they can push for higher prices and secure long term contracts but locking in low sale prices per tonne in this early days would be folly.

As a side note, another factor I've not seen mentioned as a positive for Syrah is the effect of US/China tariffs. 

To be true, they've made quite a few mistakes along the way. They've literally been making it up as they go along. But to be fair, they are in uncharted waters. They are the first company of its type and being the first at anything always provides many risks that those who follow can learn from. However, being the first means Syrah will be the biggest beneficiary if and when things turns around. 

I guess the value in the company boils down to whether one thinks there is a market for their product. I don't doubt they will sort their operational kinks out, most companies do. All the research I've read seems to indicate a tipping point sometime this year and I believe things will change very quickly for Syrah when they do. 

To the OP, it seems to me you bet on Syrah in the early days and  got burnt. So did I, more than once! However I hold once again. The reasons for holding Syrah 4 years ago are the same reasons i'm back in. Am I frustrated with their operational performance, you Bet!, However, I believe there's a market for the product they produce.