Ann: Investor Presentation - 10 August 2022 9.30am WST, page-5

The end of alloy smelting in Europe is gaining pace.

"Some Euroalliages members have already idled operations, "so we are running through a process where at this level of electricity price we cannot produce, and of course we cannot compete", she added."

"Competing Asian ferro-alloy suppliers such as Malaysia and China do not face the same electricity prices and have more fossil fuels in their power generation mix than many European countries. Lower-cost supply is therefore being fed into the European market at a considerable discount to alloys produced on the continent — a trend that has been further fuelled by the build-up of inventories at Chinese ports earlier this year during Covid-19 restrictions.
For example, China's ferro-silicon exports totalled 398,577t in January-June, up by 78.4pc year on year, according to customs data. This influx put considerable pressure on European prices in May, which fell to €2,700-3,100/t ddp at the end of the month, down from €3,950-4,250/t ddp at the start."

The fact remains that alloys produced in Sarawak Malaysia are far more environmentally friendly than those produced in Europe.
https://www.argusmedia.com/en/news/2359374-euroalliages-urges-eu-to-support-ferroalloy-sector