Events in Indonesia and the Philippines are moving the nickel swing-o-meter from one extreme to the other. The relaxation of the Indonesian ore export ban pushed prices down in January. Then, the scale of recommended mine closures in the Philippines rallied prices in February, to a peak of US$11,042/t (US$5.00/lb). However, a follow up ruling by the Indonesian government has since clarified that permissible ore export volumes could be very large. Uncertainty has picked up again and prices now sit back at around US$10,000/t (US$4.54/lb).