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Philippines nickel ore exports continue apacePhilippines nickel ore exports continue apace

Apparently allaying fears of any nickel export squeeze from major exporter Philippines, listed miner Global Ferronickel Holdings Inc (FNI) said it has started nickel ore shipments to China with volume coming to about 550,000 wet metric tons (wmt) so far.

Vincent Wee, Hong Kong and South East Asia Correspondent

April 13, 2017

1 Min Read
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Local reports cited FNI as saying its Platinum Group Metals Corp (PGMC) unit had started delivery of nickel ore from Surigao del Norte, with another nine shipments, averaging 55,000wmt each scheduled until next month.

“We’ve had an early start to mining operations this year due to favorable weather conditions. We look forward to continued good weather in the weeks and months to come to meet our 2017 target,” FNI president Dante Bravo said. FNI has an export target of 6m wmt for the rest of the year.

PGMC has already locked in higher prices from the recent uptick, and signed supply contracts for up to 4m wmt at current prices to several established customers and it expects to secure more supply contracts to match its target production for the year.

“We would like to take advantage of the rebound in nickel prices. For April, almost two-thirds of our shipment will be medium-grade nickel ore and the remainder will be low-grade nickel ore. The market prices of our medium-grade ore and low-grade ore have risen by 50% on average compared to the same period last year,” Bravo said.

FNI remains bullish on the industry’s prospects amid strong demand for stainless steel in China and continued improvement of nickel prices.

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About the Author

Vincent Wee

Hong Kong and South East Asia Correspondent

Vincent Wee is Seatrade's Hong Kong correspondent covering Hong Kong and South China while also making use of his Malay language skills to cover the Malaysia and Indonesia markets. He has gained a keen insight and extensive knowledge of the offshore oil and gas markets gleaned while covering major rig builders and offshore supply vessel providers.

Vincent has been a journalist for over 15 years, spending the bulk of his career with Singapore's biggest business daily the Business Times, and covering shipping and logistics since 2007. Prior to that he spent several years working for Brunei's main English language daily as well as various other trade publications.

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