Philippine Global Ferronickel Holdings Inc. (FNI) announced that it had signed a purchase agreement for the 2023 mining season to supply China's Baosteel Resources International Co. Ltd. with 1.5 million wet metric tons (WMT) of nickel ore.

The nickel ore will be from Surigao del Norte and Palawan mines, operated by Platinum Group Metals Corp. (PGMC) and Ipilan Nickel Corp. (INC), respectively.

FNI indicated that its two operating mines could fully support increasing demand from China. China eased the Covid-19 restriction, and the real estate industry kept growing strongly, which made the demand for stainless steel grow and further improved the development of the nickel industry.