The government on Wednesday approved the renewal of agreement for supplying up to 16.5 million tonnes (MT) of high grade iron ore to steel plants in Japan and South Korea over three years till March 2018.
"The Cabinet, chaired by Prime Minister Narendra Modi, has given its approval to renew long term agreement with Japanese and South Korean steel mills for supply of high grade Indian iron ore, during the three year period from April, 2015 to March, 2018," communication and IT minister Ravi Shankar Prasad told reporters after the Cabinet meeting.
The quantities covered under the agreement will be in the range of 3.8 MT to 5.5 MT per year and will be supplied primarily from the mines of the National Mineral Development Corporation (NMDC), an official statement said.
"The contract will be executed by the Metals and Minerals Trading Corporation of India Limited (MMTC) under the department of commerce," it added.
India has been supplying high grade iron ore to Japan and South Korea under long term agreements for the last four to five decades, the statement said.
"These agreements will help continue this relationship and strengthen Indo-Japanese collaboration in several areas of mutual interest, including technology transfer, joint venture, investment, etc," it added.
The agreement will also help utilize surplus production of iron ore currently available in India, it said.
Source: ToI
- metaljunction »
- Metal News
Metal News & Events
METALJUNCTION PUBLICATIONS
Coal Insights (English) Monthly
![Steel Insights](/assets/images/news/coal-insights.jpg)
Coal Insights is a ready reckoner for anyone associated with coal. This publication is aimed at tracking everything related to coal in India.
India Coal Market Watch(English) Monthly
![Steel Insights](/assets/images/news/ICMW_Jan09.gif)
ICMW is a one-stop source for all news, data and research pertaining to coal demand, consumption, stocks, spot- and long-term prices with respect to the Indian Market.
India Steel Market Watch (English) Monthly
![Steel Insights](/assets/images/news/ISMW.gif)
ISMW is a brand new high-end steel market report, covering all aspects of the steel industry in India.
Steel Insights(English) Monthly
![Steel Insights](/assets/images/news/SteelInsights.jpg)
Steel Insights delves into various facets of the domestic and global steel industry such as market fundamentals, raw material price trends, price forecasts etc.