The government has approved the renewal of Long Term Agreements (LTAs) for supply of iron ore (lumps and fines) of grade +64% Fe content to Japanese Steel Mills (JSMs) and POSCO, South Korea for another five years through MMTC Limited.
The range of quantity of iron ore to be exported under LTA per annum shall be 3.80 million tons (min) per annum to 5.50 million tons per annum (max) of both NMDC and non-NMDC origin iron ore with quantitative ceilings for export of Bailadila Lumps at 1.81 million MTs per annum and Bailadila Fines at 2.71 million MTs per annum.
The existing policy of single agency operation and exports through MMTC, with trading margin of 2.8% of FOB price, shall be continued. The agreement will enable India to secure international market for its ores and ensure stable economic ecosystem which provides direct and indirect employment in mining, logistics and related sectors.
@EPC World Media
