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Recent developments: Demand<br />

• Stainless steel production growth has slowed so far in H1 <strong>2012</strong> – lowest rate<br />

of global growth since 2009<br />

• Short-lived period of restocking in Dec ‘11/Jan ‘12 gave way to bearishness in<br />

Q2 and early Q3 – as illustrated by nickel price changes<br />

50%<br />

Stainless steel production -- H1 <strong>2012</strong>* saw the lowest rate<br />

of annual growth since 2009<br />

30000 <br />

Nickel Spot Prices<br />

(USD/tonne)<br />

40%<br />

28000 <br />

Year-on-year % change<br />

30%<br />

20%<br />

10%<br />

0%<br />

-10%<br />

EU27<br />

China<br />

-20%<br />

Global<br />

-30%<br />

2007 2008 2009 2010 2011 <strong>2012</strong>*<br />

Source: ICDA, ISSF; *H1 on an annualized basis<br />

26000 <br />

24000 <br />

22000 <br />

20000 <br />

18000 <br />

16000 <br />

14000 <br />

12000 <br />

10000 <br />

03/07 07/07 10/07 01/08 04/08 07/08 10/08 <br />

Source: London Metal Exchange

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