The Chinese have been trying to keep prices down by reducing...

The Chinese have been trying to keep prices down by reducing demand for all base by running down there inventories and attempting to restock by buying futures at low prices.
Unfortunately they stuffed up as the copper debacle shows.
Tried to get to tricky and it looks like it back fired big time.
BHP knows what has been going on -
Read this quote by Macquarie
"BHP Billiton believe that the de-stocking is nearing its end, and expect a rebound in manganese ore prices early in 2006. "

That is why they are buying...
Get it

Many thanx for Isalokar who made this all clear in his post

Isalokar's post -
Evidently the Chinese were trying to profit by building up Cu inventories and then selling Cu futures short and de-stocking, but their plans seem to have back-fired. Mn is a much smaller market. here is the Macquarie quote: "Manganese ore markets, meanwhile, remain weak as consumers continue to run down inventories - reflected in weaker quarterly prices observed over the past 2 quarters. BHP Billiton believe that the de-stocking is nearing its end, and expect a rebound in manganese ore prices early in 2006. "
There appears to be a similar story with Ni.

Wow hope you are right. CSM has a lot of Nickel.