Additinally I noticed the following...
"Nickel futures rose to above $19,700 per tonne, close to levels not seen since September 2014 buoyed by strong demand from stainless steel mills and electric vehicle battery makers, amid tight supply. China's refined nickel output in January-July fell 15.7% year-on-year to 91,723 tonnes, according to state-backed research house Antaike. Considering only July, output fell 13.4% from the previous month as top smelter Jinchuan Group carried out an overhaul on a furnace. At the same time, China’s sales of new energy vehicles more than doubled in July, including battery-powered electric vehicles, plug-in petrol-electric hybrids and hydrogen fuel-cell vehicles. The government's promotion of greener vehicles to cut pollution has prompted electric car makers such as Nio Inc, Xpeng Inc and BYD Co Ltd to expand manufacturing capacity in China."
https://tradingeconomics.com/commodity/nickel
The current trend of reduction in the Nickel stockpile could perhaps be largely accounted for by an overhaul of a Jinchuan Ni furnace and presumably the supply/demand equilibrium may be more balanced after the overhaul is complete in a month or so.
We shall see
Ann: Long Term Nickel Production Profile and FY22 Guidance, page-8
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