And plenty of low grade deposits that would be mined once the price of nickel made it economical. The nickel pig iron furnaces in China are an example of what happens once nickel prices reach a certain level: It becomes cost effective to process what was once considered uneconomical to process. A deposit of 0.2% nickel that wasn't worth exploring further to may become worth drilling to if the world's supply of nickel drops to that level.

I believe nickel also enjoys a high level of recycling compared to many other metals, due to its value (around 60% of the stainless steel produced is made from recycled stainless).