It was one of the changes in S&P Dow Jones Indices' June quarterly rebalance.
Syrah shares have lost more than 60% over the past year and are down about 28% so far this year as the company struggles to ramp up its massive Balama graphite project in Mozambique.
Yesterday's closing price of A$1.075 was not far off the 52-week low of 97.5c and capitalised the company at $370 million.
Despite a slight June quarter production downgrade last week, Macquarie maintained an outperform rating and $2.70 price target.
Syrah was first added to the ASX 200 in March 2015.
It was also announced near-term gold producer Gold Road Resources would replace Navitas in the S&P/ASX All Australian 200.
The company's 50:50 Gruyere joint venture with Gold Fields is due to pour first gold any day.
Gold Road shares are up more than 50% so far this year.
Gold producer Westgold Resources was removed from the ASX All Australian 200, despite its shares having risen about 85% so far this year.