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Govt approves pacts for supply of iron ore to Japan, S Korea through MMTC

Press Trust of India  |  New Delhi 

The today approved a long-term agreement for export of iron to and through state-owned trading firm MMTC, an official release today said.

"Cabinet approves renewal of long-term agreements for supply of iron ore (lumps and fines) Japanese and POSCO, for another five years (from April 2018 to March 2023) through MMTC," it said.

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

The supply of iron ore, although of smaller quantities, has been a core element in the bilateral ties with and

will be supplying iron ore of grade (plus) 64 Fe, or high grade content, to Japanese and Korean from NMDC's Bailadila mines in

It added that the existing policy of single agency operation and exports through MMTC, with trading margin of 2.8 per cent of FOB (free on board) price, shall be continued.

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

First Published: Wed, April 25 2018. 13:50 IST