Global Ferronickel Holdings, Inc. announced that its subsidiary PGMC has signed a purchase contract of 1.0 million wet metric tonnes (WMT) of nickel ore with Baosteel. The contract covers low-grade nickel with high iron (Ni = 0.9%; Fe = 49%) and medium-grade nickel with low iron (1.5% Ni 1.8%; 15% Fe 25%) at prevailing market prices. This volume is approximately 20% of PGMC's annual nickel ore shipment. PGMC has been supplying Baosteel with nickel ore since 2014. FNI earlier announced a target shipment for PGMC amounting to 5.7 million WMT for 2019 subject to weather conditions.