Does the solid-state battery narrative actually change pyrite demand fundamentals?

Does the solid-state battery narrative actually change pyrite demand fundamentals?
The link is real but early-stage. Pyrite is the industrial feedstock for elemental sulfur, and sulfur is the key input for sulfide solid electrolytes. That connection drove two sharp equity moves in this resource, first on solid-state battery speculation, then again on the sulfur price spike. But the demand math is still small: electrolyte developers are at kilogram to hundred-kilogram scale, with tonne-level lithium sulfide targeted for 2026 and thousand-tonne sulfide electrolyte lines only by 2027. Against a pyrite market measured in millions of tonnes feeding sulfuric acid, phosphate fertilizer and titanium dioxide, battery-grade sulfur is a rounding error today. Treat the solid-state angle as optionality on valuation, not a near-term volume driver. Acid and fertilizer demand still set the price.