Philippine's second-largest nickel producer Global Ferronickel Holdings Inc (PGMC) said recently, has signed nickel ore supply agreement with Chinese buyers including Baosteel, amounted 4.5 million wet tons

Global Ferronickel said in a statement, the nickel ore near 90% of total company production in 2016, delivered within a period of one year, the sales price is based on the spot price.

The company has confidence of business for 2016, also to reduce operating costs by up to 30%, becomes very competitive level.