Nickel inventories are still huge... and there is some big shipments from Norilsk that have been waiting for their annual river flooding to clear before they ship. Whether they hit LME warehouses are are direct ship to customer, who knows, but if a few thousand tonnes of nickel hit LME warehouses, that erases everything we've drawn from them in recent months.

There is a lot of supply coming online very soon, and unless nickel demand (and thus, stainless steel demand) starts to improve, there is a lot of worry that we might oversupply the market with nickel and cause prices to drop a lot further.

Let's hope that lower prices help to reinvigorate the stainless steel markets and nickel stocks drop down to 20k tonnes or less.