Why the selloff?, page-11

PAN nickel price is depressed because of: (i) the falling LME nickel price; & (ii) more recently, some "in the know selling".  The price-at-the-margin-makers (Asian & especially PRC steel makers), who irrespective of all the EV hype account for the lions share of Ni demand, have made their purchase intentions prior to the Sino Luna New Year, so expect things to improve leading into the New Year.  Medium term - the Russians are tilting into the supply side, especially teh quality product that competes with the Australian suppliers, as evidenced by the NiP price futures, which indicates that the nickel market is well supplied at the current prices.