I believe the assumption is a linear or even more increase in Ni consumption from China for the next 5 yrs. But this demand (steel production) should be applied to something. In other words, you don't need much more nickel if world's demand will go down. In long recession you don't need more cars, you need a job (dishwashing in MacDonalds included).

So the world economy is moving by cycles it is not lenear process, the 2002-2007 was the great period and the expectations about cooling are growing. With globalization chances to bring a whole world to recession is even bigger.

I know, I am acting as a devil's advocate, but there is a silver lining - the best way out from recession is military expenses growth. And this growth means steel, steel and more steel. Let's build 5 battleships and Ni price will be doubled.