Breaking News
Investing Pro 0
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data

Philippines' Global Ferronickel ore sales to Baosteel to rise 30% next year

Stock Markets Nov 11, 2020 11:50
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
600019
+0.82%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
FNI
-1.57%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

MANILA, Nov 11 (Reuters) -
* Global Ferronickel Holdings Inc FNI.PS , the Philippines'
second-biggest nickel ore producer, said on Wednesday it had
agreed to sell 1.3 million wet metric tonnes of the stainless
steel raw material to China's Baosteel Resources International
Co Ltd for delivery next year, 30% higher than this year's
volume
* The quick economic rebound in China from the COVID-19
pandemic
shock has boosted demand for nickel ore in the world's top
producer of stainless steel, and the recovery is expected to
accelerate in 2021, said Global Ferronickel President Dante
Bravo
* "Given those prospects, we are very bullish in the nickel
space," he said in a statement following the signing of an
annual purchase agreement
* Should the company's stockpile inventory allow, half of
the
shipment will be composed of low-grade nickel ore with 0.90%
nickel content and 49% iron content, while the remainder will be
medium- to high- grade nickel ore with 1.30%-1.80% nickel
content and 15%-25% iron content, it said
* Delivery is expected to commence in April when the dry
season in
the Philippines, a major nickel ore supplier to China, starts
and 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 is a wholly-owned subsidiary of the
world's
biggest steelmaker China Baowu Steel Group 600019.SS


Philippines' Global Ferronickel ore sales to Baosteel to rise 30% next year
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email