Global Ferronickel Holdings Inc. remains optimistic about its prospects amid a recovery in nickel prices in the global market.
?Global Ferronickel is well positioned to benefit from the further recovery in nickel ore prices and the expansion of our production capacity, ” said company president Dante R. Bravo.
Bravo said the company intends to increase the production of medium and high-grade nickel ore to capitalize on improving metal prices.
?Global Ferronickel is one of the lowest cost producers in the country. Our production will be year-round when the Palawan mine begins to operate in 2017,? he said.
Rising demand from the stainless steel industry in China and the tightening of supply due to the closure of several nickel mines in the Philippines are expected to push the price of nickel higher, Bravo noted.
“The Philippines is the largest exporter of nickel ore to China which is the world?s largest consumer of nickel. After the declines in nickel price early this year, nickel price has rebounded by more than 30 per cent,” he said.
“The financial industry, including ratings agency Moody?s, has been calling a bottoming of base metal prices, including for nickel. Moody?s has upgraded its outlook for the global metals industry from negative to stable,” Bravo added.