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Manila Bulletin devider Business devider The Stock Market devider FNI secures supply contract with Baosteel

FNI secures supply contract with Baosteel

Published Mar 20, 2023 06:45 am
Global Ferronickel Holdings, Inc. (FNI) has signed an Annual Purchase Agreement with Baosteel Resources International Co. Ltd. for the supply of 1.5 million WMT of nickel ore for the 2023 mining season. In a disclosure to the Philippine Stock Exchange, FNI said the nickel ore will be coming from its operating mines in Surigao del Norte and Palawan, operated by Platinum Group Metals Corporation (PGMC) and Ipilan Nickel Corporation (INC), respectively. “Our two operating mines have given us the ability to undertake year-round production to better support the growing demand from China,” said FNI President Dante R. Bravo. He added that, “The easing of COVID-19 restrictions and the robust growth of China’s property sector that is driving the need for stainless steel will help boost the nickel industry.” Should stockpile inventory permit, one-third of the shipment will be composed of low-grade nickel ore with 0.90 percent nickel content and 49 percent iron content while the remainder will be medium- to high-grade nickel ore with 1.30 percent to 1.60 percent nickel content and 15 percent to 25 percent iron content. The selling price of each shipment will be set on a monthly basis according to the prevailing market price at the time of price setting. Baosteel Resources International Co., Ltd. is a wholly owned subsidiary of the top Chinese steel manufacturing corporation China Baowu Steel Group and is engaged in the business of mineral resource investment, trading, and logistics services. Notably, the company highly specializes on trading of metallurgic raw material with annual volume of over 60 million tons covering a vast range of products such as iron, ore, coal, alloys, non-ferrous metals, ferrous scraps, metallurgical flux, etc. Baosteel Resources maintains over 100 overseas suppliers and over 40 overseas clients. The Company’s headquarters is located in Hong Kong with footprints in Australia, Singapore, South Africa, Indonesia, and several others.
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