The prices for alloys has slipped, however at US$1,900/tonne for FeSi and shipping 37,779 tonnes would equal A$30 million profit for the quarter. In 2018 the FeSi price went to US$1,800/tonne OMH made a profit of $87.5 million in 6 months from smelting. I'd expect A$100 million this half for smelting profits.
You need to remember that OMH power cost is little changed over the past years due to the 20 year power contract. Only the smelters at Sarawak are in this position in SE Asia. Most other smelters are at breakeven whilst OM Sarawak would be making A$1000/tonne profit on FeSi and A$500/tonne on Mn alloys.
Ann: 30 June 2022 Quarterly Market Update, page-9
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