Nickel Market Dynamics

We will briefly review the nickel market in 2003 and look forward to the supply demand balance for the next few years focusing in on the key factors influencing future price dynamics. On the supply side we will examine slated brownfield and greenfield expansions including the Norilsk factor and the small to mid-range 'supply creep'. We will also review the cost side of the industry and what to expect going forward. On the demand side, we will discuss the stainless steel and non-stainless demand, the China factor and the stainless steel scrap supply cycle. We will conclude by pinpinting where the market is on the current price cycle, and where we believe the mid-term direction is headed.