28 August 2024 – Nickel prices on the LME have risen between 5 and 6% so far in August. Philippine nickel ore is up 1.82% today and Asian analysts also expect an upward reaction in NPI prices in the short term.
LME nickel prices continue to rise in August
After nickel prices on the commodity exchange LME had continued to be volatile in recent weeks, they rose significantly in the period from 1st to 27th August despite a lot of movement and the obligatory attempts to push prices down. LME nickel 3-month prices have risen by more than 5.1% and LME nickel cash settlement prices by more than 6.0%.
Nickel above the USD 17,000 mark again
Nickel 3-month prices broke through the USD 17,000 mark again on Tuesday and continued to move sideways in this range at the start of trading today.
Philippine nickel ore prices up again
Since the end of July 2024, Philippine nickel ore prices (Ni 1.5%, Fe 15-25%) have been on a clear upward trend and were able to gain another 1.82% today. This means that they have risen by more than 23% in less than a month. The main reason for this continues to be the scarce availability of ore in Indonesia and active demand from the Philippine downstream industry.
Analysts expect NPI to rise in the short term
Asian analysts are also currently assuming that prices for NPI could continue to rise in the short term due to continued brisk demand for nickel pig iron (NPI) and the traditional peak season from August/September.
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