s32 trading at r54.65 and the aluminium operations are actually carrying margin pressure from energy costs.…by @thuli_dd on $S32

s32 trading at r54.65 and the aluminium operations are actually carrying margin pressure from energy costs. read through the latest md&a and the manganese division is where the real upside sits, especially if china infrastructure spending picks up again. diversified exposure helps but feels like the market is pricing in a prolonged commodity downcycle, which might be overdone given their cost position vs peers like impala or amplats.