Ann: Investor Presentation FY2021 Financial Results, page-188

The 5 year chart of ZCE ferrosilicon shows the good place that OMH is in at present, prices are now higher than during the peak in 2018 which produced record profits. As OMH Mr Low mentioned in Thestar interview, it isn't so much the peak prices but the long term high prices where OM Sarawak benefits.

“People were very focused on [us] when [FeSi] prices were running high. It’s important for them to know that the value of the company is not in the short-term price spike [but] in stable prices over the long run and a healthy volume,” says Adrian Low, general manager of OM Materials (Sarawak) Sdn Bhd, which operates the smelter plant in Sarawak. Adrian is Low’s son. "
https://www.theedgemarkets.com/article/om-holdings-seen-riding-stable-yet-elevated-prices

I think this is what we are seeing now, its good high stable prices where OM Holdings is now benefiting.



“It’s worth noting that this new-found equilibrium price is still higher than the last recorded historical high (between 2017 and 2018), and this is due to the increased cost of smelting in China, owing largely to changes in power costs after new policies and regulations were passed in the third quarter of 2020. It is, therefore, safe to say that prices have peaked, but we are hopeful that the new normal will further strengthen the fundamentals of smelting in Sarawak,” Low tells The Edge in an interview.




“If prices continue to rise, based on our sensitivity analysis, every US$100 (RM415) per tonne increase to our FeSi and Mn alloy price assumptions will boost earnings by about 25% per year.”