The market can always be manipulated but value always wins out in the end especially if you're prepared to ride some ups and downs. To me OMH is going from strength to strength, the prices received for alloys are the best they've been for many years.
The cost base for Chinese smelters has risen by more than US$350/tonne, this can be easily seen in FeSi prices which were 6,200 -6,350 yuan/tonne in December 2020, today its closer to 8,500 to 9,000 yuan /tonne a difference of 2,300 - 2,500 yuan/tonne ( US$350 to US$400/t)
This is mostly due to more expensive power. OM Sarawak has had NO increase in power costs due to their 20 year power contract, so essentially the base price for FeSi is now US$350/tonne higher than before in China, by the time the 25% export tax is added its US$440/tonne more.
Ann: Media Release Sarawak Higher Q3 21 Production, page-279
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