Agree, they is strong hysterisis. Just the same as on the way down mines only close when they see a prolonged period perhaps 20% below there cash costs, so on the way up they need to see confidently that they can pay back start up costs and get a decent return based on a conservative forward view of the market. This is the stage of the cycle where everyone still makes a killing - more so in this more disciplined, more consolidated nickel market.
Nevertheless imho somewhere around 8/lb will draw supply back in, not the likes of Ravensthorpe, but smaller sulphide mines, eg Mittel, Avebury, perhaps Munali.
It will be a good stage to be in WSA for sure, but an even better time to be in PAN,MCR and MBN if you've entered around current prices - trouble being potentially a lot of opportunity cost, risk pain and patience in these vs WSA.
Now is the time to at least keep your research in order imho.
EL
WSA Price at posting:
$3.90 Sentiment: LT Buy Disclosure: Held