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[Ferro-Alloys.com] Global Ferronickel (FNI), the second-largest nickel ore producer in the Philippines, has lowered its nickel ore exports in January-June because of shipment curbs caused by severe weather, as well as a fall in demand from China.
Its revenues during this period slipped by 15pc to $268.5mn in line with the lower sales, although its average selling price climbed to $39.21/wmt, up by 26.1pc from $31.10/wmt a year earlier.
The company completed 19 shipments totalling 1.035mn wet metric tonnes (wmt) during this period, down from 32 shipments totalling 1.74mn wmt a year earlier.
FNI owns 20pc of Chinese ferro-nickel producer Guangdong Century Tsingshan Nickel, a subsidiary of the world's largest stainless steel producer Tsingshan.
Platinum Group Metals (PGMC), a wholly-owned subsidiary of FNI, is the Philippines' second-largest exporter, only behind Nickel Asia. It exports all of its nickel ore to China.
"We are hoping for better weather in the third quarter, a peak season for PGMC's mining [which normally delivers] more than 60pc of FNI's revenues for the whole year," commented FNI's president Dante Bravo.
The company lowered its shipment target to 4mn wmt this year, down from the previous guidance of 6mn wmt, in response to a slowdown in demand from China's stainless steel sector.
China's crude stainless steel output fell by 5.3pc from a year earlier to 16.35mn t during January-June. Major mills cut operations further in July-August because of profit losses resulting from weaker seasonal demand. ArgusMetals
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