21 MAY, 2012, PTI
NEW DELHI: Public sector trading giant MMTC has inked pacts with Japanese and South Korean steel companies including Posco, to supply 2.8 MT of iron ore annually for a period of three years.
"We have signed iron ore supply contracts with five Japanese firms and one South Korean company for a period of three years. The exports are expected to start from July this year," an MMTC official said.
Under the pact, MMTC will supply 2.3 MT of iron ore per annum to five Japanese firms including Nippon Steel, JFE Steel and Nisshin Steel besides 0.5 MT to South Korean major Posco, the official said. An official delegation of MMTC had visited Tokyo and Seoul this month to sign contracts with the firms.
The Cabinet, in March, had approved export of iron ore by MMTC to Japanese and South Korean steel mills for three more years. The supply of iron ore has been a core element in the bilateral ties with Japan and South Korea, the official said.
MMTC would supply iron ore (lumps and fines) of grade (plus) 64 Fe, or high grade content, to Japanese and Korean steel mills from country's largest iron ore miner NMDC's Baildila mines in Chhattisgarh.
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