Interesting question, Kip. I guess anything is possible, but knowing these guys, I think it's belated austerity. What is potentially quite perverse here is that they should have been austere for the past several years, yet they maintained capacity. And now there are some green shoots with int'l Ni, are they again behind the 8-ball by finally going austere when they should be getting ready to do the opposite? Only time will tell, but I do know that these guys are rotten at reading the tea leaves. They've been out of sync with the global Ni market since 2007.
Oh, and to any trolls who cannot stand a differing opinion: understand that I am responding to a question that was posed directly to me (not that it should matter). Choose any comments very carefully...
(That was not aimed at you, Kip.)
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