Bulk steel alloy prices reached record levels in H2 2021 due to supply tightness and high costs. In China, supply cuts were initially driven by emissions-led output curbs and later power supply constraints. Output returned in Q4 2021 as power constraints were resolved, and prices have softened since. Conversely, international markets remain fraught with supply-side constraints and high energy costs. This, in part, reflects the blowback from the Ukraine-Russia conflict. Our base case across the bulk alloys assumes that these impacts will begin to settle in H2 2022. This will allow international alloy prices to soften. There is abundant capacity to meet demand across the bulk alloys and prices will revert to their long-term, cost-based fundamentals. For manganese alloys and ferrochrome, this will be at a higher plane compared to historical levels – in part, due to a higher ore price forecast.