Nickel Grade, page-63

You're right, there was an unsustainable rise on speculation that production of stainless would rise and exceed pre GFC levels. When it became apparent that market demand wasn't building as expected, and that steel producers were working from large stockpiled reserves, as well as the cheap low grade exports from Asia, many miners didn't restart as planned, and the NP ended back in the dustbin.
The difference now is that steel demand is increasing as worldwide economies not only have recovered but are expanding at a sustainable level. That is just on current historical usage for nickel. BUT the big difference that will see nickel prices continue to rise much much higher is the new market opening for stored energy solutions in commercial, domestic, and vehicle manufacturing. There is around 15 to 20 kg of nickel sulphides in every car battery cathode. The rise in the NP this time is not just a spike or unsustainable. I read somewhere a forecast that in the next 5 years or so nickel will be in deficit 100 to 200kt. It has already dropped by over 40k. The nickel sulphides we hold will have its own market feeding the battery revolution.