Nickel’s freefall may have halted as output cuts move the chronically oversupplied market towards deficit, but prices are unlikely to recover sharply unless more loss-making mines close. Prices for the metal used to make stainless steel have crashed more than 40% since the start of 2015 on rising stockpiles and weak Chinese demand, leaving around 70% of producers losing money, according to consultants at CRU Group.
