This companies share price does not make sense to me., page-4

NIC is selling NPI used for stainless steel. Stainless steel demand is a proxy for global GDP forecasts (and particularly for China's GDP growth). The market is forecasting negative GDP growth over the next few years plus China's property industry is continuing to struggle, hence down trend in NIC's SP. NIC's SP will rebound when positive sentiment returns (ie central banks stop raising rates). Personally, I don't think the Chinese government can afford to let its property/construction industry collapse. I am betting on substantial further stimulus in those industries and a surprise in China's GDP figures in the coming months which may support NIC's SP. Medium to longer term I don't think you have anything to worry about holding NIC - the company has relatively low debt and sells to China's largest SS producer which has shown recently that it has gov support. NIC will recover strongly when the market turns.