2019 Nickel outlook, page-474

If we have a structural deficit of roughly 80k tonnes per year as per most analysts projections then it is not difficult to see the lme wiil be drained in the short term will no nickel supply coming on line.
This is not accounting for off exchange stockpile. Price increases could bring some metal back to the market but no spin can coverup the fact that we have a deepening deficit with no quick solution.
Another curve ball could be the Ramu mine being shut. There are claims that 2 locals have died eating poisoned fish and they want it shut. There is an online petition on charge.org for it to be shut. This would be a big hit to the chinese supply system and could be another reason why they are drawing down on the stockpile in anticipation of an adverse png government decision.