RE:Mos7575 ;Fair enough, I see your point. I expect that XG will try to (continue to) manipulate the market and inventories, especially in the ST. I guess where we might disagree is on the LT prospects of Class 1 Ni. I see it as being short and extremely tight at present, with this trend expanding in the future due to EV expansion/rollout.
IMO, there will be plenty of scrap, NPI and other lower quality sources of Ni in the future as a lower cost source for certain uses that don't require class 1 Ni. However, I hope to see the premium for class 1 continue to grow, and eventually I wouldn't be surprised to see the price of Class 1 Ni decouple completely from lower quality Ni because they have such different uses.
Either way, I see prices settling in at a level that will support ST profitability at S. if mgmt uses this windfall as an opportunity to clean up its balance sheet, it will support profitability if/when prices drop to traditional levels.
jmho,
mas75