Nickel prices on the London Metal Exchange (LME) have seen a significant increase throughout August 2024, with LME nickel 3-month prices climbing over 5.1% and cash settlement prices rising by more than 6.0%. This surge comes despite recent volatility and attempts to suppress prices, with nickel breaking through the USD 17,000 mark earlier this week. As of today, prices continue to hover around this level.
The upward trend isn’t limited to the LME. Philippine nickel ore prices have also been on a strong upward trajectory, gaining another 1.82% today. Since late July, these prices have surged by more than 23%, driven by limited ore availability in Indonesia and robust demand from the Philippine downstream industry.
In response to these developments, Asian analysts are predicting that nickel pig iron (NPI) prices will continue to rise in the short term. The traditional peak demand season in August and September is expected to further support this trend, with brisk demand contributing to the anticipated price increase. 
