"With the Nickel price so low many miners were losing money."
Such a blinkered view of the Nickel market... (Also noticed it in the WSA quarterly report when they state that many Nickel mines in Oz are being shut)
BIG PICTURE:
Chinese nickel production YTD yoy% = + 42%
Chinese imports of refined nickel YTD yoy% = + 19% But from Australia = - 32% From Russia = + 42% From Norway = + 15% From Africa = + 14%
Chinese imports of nickel ores YTD yoy% = + 17% But from Australia = - 17% From Phillipines = + 8% From Indonesia = + 25%
Construction is already afoot to build Nickel smelters in Indonesia.
All I can see is a booming nickel market, with lazy and badly managed companies (also read as Nickel miners in Oz and MBN) being squeezed out of the system...
MBN Price at posting:
1.6¢ Sentiment: Sell Disclosure: Not Held