Needless to say, changes in the exchange rate of local currencies of ferroalloy producing nations are very important to watch. The currencies, to make things more complicated, sometimes fluctuate independently from supply and demand situation. Recent trend of those currencies is, <> India: weaker Rupee, softening offer prices of Indian silicomanganese, <> South Africa: weaker Rand, allowing spot charge chrome prices in Europe and in China to further slide, and <> China: stronger Renminbi, caused especially by the remarks of Mr. Romney in his presidential campaign regarding China's intervention to currency markets. If Renminbi continues to appreciate, ferroalloy prices will most probably start rising.