From estainlesssteel.com today:

"Nickel Projects (status on some of the larger projects)

Australia - Ravensthorpe (L) is scheduled to begin production this quarter, with an annual production capacity of 50,000 tonnes of nickel per year
Turkey - Caldag (L) is scheduled to begin production later this year, with an annual production capacity of 20,400 tonnes of nickel per year
New Caledonia - Goro (L) is scheduled to begin production later this year, with an annual production capacity of 60,000 tonnes of nickel per year
Brazil - Onca Puma (L) is scheduled to begin production in January 2009, with an annual production capacity of 52,000 tonnes of nickel per year
Botswana - Activox (L) is scheduled to begin production in 2009, with an annual production capacity of 23,000 tonnes of nickel per year
Papua New Guinea - (L) Ramu is scheduled to begin production in 2009/10, with an annual production capacity of 33,000 tonnes of nickel per year
Brazil - Barro Alto (L) is scheduled to begin production in 2010, with an annual production capacity of 36,000 tonnes of nickel per year

(for reference, the last true 'mega' mine that was opened was Voisey's Bay (S), in 2006)"

That's a lot of nickel production coming online very soon. If demand keeps up with the new supply, LME nickel prices will remain where they are. But with inventories high right now, there is certainly some concern that we will enter an over-supply situation. I have no doubt that the marketplace has factored some of this concern into our SP. If our true cost to produce is good, then we will weather any price declines well enough, though it will significantly impact EPS... and as others have said, being careful with our expenditures right now is prudent.