GMC Chart, page-81

I appreciate your posts because you do appear to know a lot about the ferro alloy industry and bring a lot of useful information to the discussion, but I caution everybody to actually read the source material. It does get frustrating continually watching you cherry pick and twist all of it to suit your narrative.

You may even know the answer as to why GMC have a zero-cost input for FeSi and burnt lime in their project metric table (like they produce it themselves as part of the smelting process?), but if it's a positive outcome for GMC, I don't think you would share it.

If you are correct and the price of FeSi is US$1600/t, then you wouldn't add another US$688/t to my table, you would add US$242.95/t (bringing the total to US$688/t). This makes a difference of +US$7.7m/yr to the net operating margin compared to what you are claiming.

Or if you used the 0.341t figure in GMC's metrics instead of Strachan's typical 0.43t (in conjunction with your US$1600/t), it adds another +US$4.5m/yr to GMC's margin.

GMC are not producing MC FeMn (at least according to their MD), they are producing LC FeMn, which is harder to make and attracts a higher sale price. You've repeatedly tried to claim that it's going to cost GMC more to produce their product than the final sale price. The cost of every input is going up and the sale price is going down. That's not how the market works.

GMC have also told investors at a presentation back in March that their electricity price will be locked in for 4-5 years. You post a lot of sources - where's the one that says electricity prices are going up? Not that PLN is losing money, but actually that they are raising prices? You posted this link a while ago to backup your claims of rising prices, but this quote was in the same article:

“The President has stated that electricity will serve as the foundation to boost Indonesia’s economic competitiveness,” Energy and Mineral Resources Minister Ignasius Jonan told reporters in Jakarta on Wednesday.

“If electricity prices are more affordable, our industries will be more efficient.”

You also cut out this paragraph:

Jonan called on PLN to operate more efficiently so that the company could eventually lower prices.