In the first half of 2022, bulk alloy prices rose steadily in line with rising costs. Prices in western markets gained more significant upside as energy costs surged, in the wake of the Russia-Ukraine crisis. Up to now, the conflict has not had an appreciable impact on the supply of ore and alloys from these countries and our base case assumes that this remains the case. In China, significant uncertainty on downstream demand remains despite reduced coronavirus lockdowns. This uncertainly has weakened buying sentiment among alloy producers causing ore prices to decline.