GrafTech International Ltd. (NYSE:EAF)

They have their own source of supply keeping cost in check, they have locked in demand with contracts with large profit margins for the next few years while still holding a low P/E. Price depresion is likely an over reaction to China. This leads to a low down side risk (priced in) and a high upside potential.

FROM Massif Capital 2019Q3 letter:
PROS:
EAF is trading at 4x earnings and has a 22.4% free cash flow yield.
The threat of Chinese production of graphite electrodes is on par with those produced by EAF is limited by their inability to consistently produce high-quality petroleum Needle Coke, a significant bottleneck that is under appreciated by the market. Most Chinese electrodes are made from a needle coke derived from coal, which is not equivalent to needle coke derived from petroleum. Petroleum needle coke, the precursor to electrodes that Graftech uses, requires decant oil (sometimes called Fluid Catalytic Converter Slurry) from a petroleum refinery, and the refinery needs a dedicated needle coke coker
CONS:
US-China Trade War puts downward pressure on businesses related to steel and copper
Geopolitical uncertainties
Recession
Graftech shares a similar majority owner to Teekay Offshore in Brookfield Business Partners (BBU).