Yes the exchange rate helps a bit, but freight and fuel are in...

Yes the exchange rate helps a bit, but freight and fuel are in USD.
"but I do believe E25 are still losing money"
I know E25 is losing money, it just depends on how much. Those smelter credits that E25 talked about might be non existant now as OMH's China smelter is closed down due to high power costs. OMH is on selling the E25 product in China so I'd doubt whether anybody else would pay much in smelter credits. If any shipments turn up in Sarawak its a possibility.
Note how its never been mentioned by E25 anymore.
Thankfully OM Sarawak with cheap power is still making good profits, I'd doubt whether many would be in this situation. I did read that a large smelter Ferropem in France had 5 explosions the other day and is now shutdown.

Manganese ore prices to stay on downward track till year-end

The Mn ore segment remains under considerable pressure, so the raw material prices fall further. High-grade Mn ore price fell by $0.97/dmtu month-on-month to $5.05/dmtu in September, and that for South African raw material dropped to $4/dmtu ($4.5/dmtu earlier).
30 Sep 22 22:02