The following slide was interesting within a recent OMH's...

The following slide was interesting within a recent OMH's presentation pack (19 May). The price Mn looks to typically be aligned to the Japan SiMn index. Within this alignment:

• If the SiMn price is falling, the Mn price tends to be falling faster
• If the SiMn price is rising, the Mn price tends to rise at a faster rate

This makes intuitive sense because the SiMn price will have non-ore processing costs.

During 2021 this trend broke down with the SiMn price rising strongly while the Mn price only had a weak price response (although 2021 was a wierd year). In 2022 some reconnection between the two prices has occurred although a a full reconnection would have Mn prices higher again (or SiMn reducing).

While the war was obviously a trigger for this gap to close, the gap was building pre-war. This gap in late 2021 was wider than at any time across 2013 to 2020 but this could be a quirk of the graphing.