Don't forget that Indonesian coal spot price has almost halved too. I'm not sure what % that is of costs but I presume electricity cost is one of the big variable costs (along with the Nickel ore of course).
So things might not be as bad as the NPI chart shows. (Or it could be, I won't try to be a shrill.)
A nickel supply glut has been for 23/24 for at least a year now though probably two. We are now seeing that realised.
Still despite all my explanations a above seeing it drop 10% still hurts.
Don't forget that Indonesian coal spot price has almost halved...
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