The solution to your disscussions /the whole riddleI told you all here, that Ramu doesn't sell Nickel, but MHP and exports it's MHP to refineries in China. The penalty/spread to the LME nickel price differs (20-30%), but that's not the main problem. The problems are
1) bottlenecks regarding the refineries = if they're running at 100%, it can be a demand problem (=refinery doesn't need more material), which was one of the problems for Ramu last year and their stockpile building.
2) Obviously with the elevated price of nickel, there's a margin problem = refineries running at a loss, unless the MHP (=bigger spread/penalty) or nickel prices come down -> lower demand...Ramu can't sale their MHP.
https://www.fastmarkets.com/insights/weakening-demand-adds-pressure-to-nickel-market