Hi Wolfgang, you need to use the Chinese NPI price, not the LME nickel price. There has been a more of disconnect than usual between the two recently.
From https://www.metal.com/Nickel
LME, from https://tradingeconomics.com/commodity/nickel
The interest will be in the cost of production, whether that has come down.
Ann: Quarterly Activities Presentation, page-7
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