Considering the fact that OMH only sells into the Chinese market...

Considering the fact that OMH only sells into the Chinese market with OMQ, all other alloys are sold on the world market as I showed in a post earlier.
The fact is China doesn't supply much Mn alloys or FeSi to the rest of the world due to the 25% export tax.
Nobody thinks the prices will stay at record highs forever, but FeSi at US$2,000/tonne is enough for OMH to make US$1,000/tonne profit. China cannot compete at US$2,000/tonne as the cost of power for production and the tax already makes its more expensive.
Currently the f.o.b. Chinese port prices for ferrosilicon are: 75%, $2,240 per mt.
Prices have decreased a little but the prices are still more than enough for OMH to make record profits.
Ferro-Manganese European Mn78% min US$2,134/t vs US$2,139/t
Chinese smelters cannot operate long term if the cost of production is more than the sales price.
"I think OMH has peaked in this cycle.
I could be wrong"
I'd say you're very wrong, with current alloy prices OMH will begin paying dividends again.

"I'm holding on to my cash"
Thats what people said when OMH was 8c too, it didn't stop me buying.