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Cabinet nod for renewing iron ore export to Japan, S.Korea

IANS  |  New Delhi 

The on Wednesday approved renewal of long-term agreements for export of to and through the state-run trading company MMTC, according to an official statement.

The release said that the cabinet had approved the renewal of the previous long-term agreements for export for another five years following their expiry at the end of last month.

"Cabinet has approved renewal of long-term agreements (LTAs) for supply of (lumps and fines) to Japanese and POSCO, for another five years (from 1.4.2018 upto 31.3.2023) through MMTC Ltd," it said.

"The current LTAs with Japanese and for supply of for a period of three years expired on March 31, 2018."

The range of quantity of iron ore to be exported would be from a minimum of 3.8 million tonnes per annum to 5.5 million tonnes per annum, it added.

According to the ministry, the high grade "+64% Fe" content iron ore will be supplied to Japanese and Korean from the state-run NMDC's Bailadila mines in

The existing policy of single-agency operation and exports through MMTC, with a trading margin of 2.8 per cent of free on board (FOB) price, will be continued, it said.

"Export of iron ore under the LTAs would help to strengthen India's bilateral ties with long-standing partner countries, and South Korea," the statement added.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, April 25 2018. 18:10 IST