We gather that production volumes for FeSi rose 3.6% to 71,426 tonnes in 2H22 vs. 68929 tonnes in 1H22. Cumulatively 140,355 tonnes make up to 93.6% of our assumption of 150,000 tonnes. On the other hand, production volumes of Mn alloys fell 21.3% to 95,506 tonnes in 2H22 vs. 121,307 tonnes in 1H22. The decline was due to 4 manganese alloy furnaces were shut down in stages for major maintenance works in 4Q22. We expect production to tick slightly lower in 2023 with FeSi at 125,000 tonnes and Mn alloys at 210,000 tonnes due to the conversion progress of 2 furnaces to produce MetSi.
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