Ann: Appendix 3Y - Low Ngee Tong, page-64

Elkem call quite interesting, they are still quite firm on si-met. Obviously can't really compare them to OMH, since they have more vertical integration, a lot of R&D into downstream products, and and both silicon and silicone production. OMH is more metal/bulk.

Interesting point on si-met is that they mentioned some capacity will come to market from China, but nothing outside China. Maybe they think Malaysia is part of China? They were not too impressed by supply growth. They had a really interesting sheet in their presentation detailing how costs are build up on si-met
https://www.elkem.com/globalassets/corporate/documents/elkem-asa---q2-2022---presentation.pdf sheet 6.
They mentioned 30 euro/mwh cost of electricity, 80% hedged to 2026 and then hedges running off to 2035. That would be in the same ballpark as Sarawak power costs, right?

They didn't seem to think the party is over yet.

They seek more downstream investments/production. Or as the CEO said, we compete on value, not price.