If the write downs and write back were reflected.
1st half 2022 would make around 110mil usd, 1st half 2023 would be loss making. Maybe to the tune of a loss of 10mil usd or so.
the prices of the commodities arent that far apart during these 2 periods.
going by zce, theres maybe a difference of 1 to 1.5 thousand rmb. Ferrosilicon and silicomanganese. Thats 150 to 225 usd per tonne.
substantial... but not by that much.
unless there was heavy hedging at the top of thevcycle in late 2021.
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If the write downs and write back were reflected.1st half 2022...
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