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OM Holdings’ shares rise on higher ferrosilicon prices

admin2021-10-0717

The integrated manganese ore and ferroalloy company said in its filings yesterday the recent surge in the global FeSi prices was due in part to government policies in China relating to the ongoing power shortage, with power rationing being imposed on energy-intensive industries thus limiting ferroalloy production and causing Chinese ferroalloy futures to surge to historical highs

PETALING JAYA: OM Holdings Ltd’s shares rose 15% on higher ferrosilicon (FeSi) prices in the global market.

The counter closed 44 sen higher at RM3.37 yesterday on volume of 2.58 million shares.

The integrated manganese ore and ferroalloy company said in its filings yesterday the recent surge in the global FeSi prices was due in part to government policies in China relating to the ongoing power shortage, with power rationing being imposed on energy-intensive industries thus limiting ferroalloy production and causing Chinese ferroalloy futures to surge to historical highs.

“These factors, in conjunction with record high ocean freight rates and uncertainty in global ferroalloy production have substantially supported prices for FeSi for the better part of 2021,” it said.

Citing S&P Global Platts, OM Holdings noted the price of FeSi shipped CIF (cost, insurance and freight) Japan in the first half of 2021 was US$1,582 (RM6,597) per tonne, and it closed at US$1,920 (RM8,000) per tonne CIF Japan at the end of June 2021.

S&P Global Platts has subsequently reported a significant increase in the price of FeSi closing at US$4,150 (RM17,305) per tonne (+116%) CIF Japan as at Sept 29, 2021.

OM Holdings said its production of ferroalloy is done by its 75%-owned smelter plant in Sarawak.

“The Sarawak smelter plant is currently operating 12 furnaces (out of 16 furnaces) as at Sept 30, with six FeSi and six silicomanganese furnaces in operation,” it said.

“As previously announced, it should be emphasised that production plans at the Sarawak smelter plant in the fourth quarter of 2021 will be subject to changes given anticipated pressures and constraints on the existing labour force brought about by the Covid-19 pandemic and the resultant restrictions inhibiting cross border movements,” it added.


转载说明:本文转载自Sunbet。

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