Russian miner Metalloinvest said Monday it has signed a contract with ArcelorMittal to supply more than 2 million mt of iron ore concentrate for the global steelmaker's European operations effective through April 2016.
Pricing will take into account current market prices, as well as global market price trends for iron ore, the Russian privately held company said in a statement.
Metalloinvest produces two grades of concentrate, at 65% Fe and 67.5% Fe from the Mikhailovskiy GOK and Lebedinsky GOK units, respectively, according to a company document.
Demand for iron ore concentrate, particularly with high iron content, has been boosted as steel mills seek to improve degrading qualities from fines in sintering and increase efficiency and help reduce reliance on iron ore pellets.
Metalloinvest produced 9.2 million mt of concentrate in the fourth quarter of 2014, and 4.8 million mt of pellets, along with 400,000 mt of sintering ore.
It shipped 11 million mt of iron ore concentrate and sintering ore in 2014.\
Source: Platts
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