Similarly to copper, nickel experienced a substantial rebound from it low, rising by 71% in 2009. One of the factors pushing nickel down in late 2008 was the fact that there were massive excess inventories worldwide, and stainless steel production was cut drastically to allow for inventories to be sold off. That trend has begun to reverse itself, with inventories of manufactured goods declining and stainless steel production increasing, especially in China. Assuming that the recovery continues in western economies, the price of nickel will be supported as stainless steel production continues to rebound.