India's largest-ever steel export deal, struck with Iran in 2014 to allow it to buy the metal without violating Western sanctions that are now set to end, has become mired in a dispute that has seen no payments made or shipments delivered since last fall.
The impasse underlines how Tehran is taking a more assertive posture in its dealings with trading partners as options open up for business and it looks to strike better deals.
Iranian Gas Engineering & Development Company (IGEDC) has written to Indian state-trader STC India Ltd complaining that steel shipments have been irregular and far below terms set out in the $2.5 billion contract, according to a letter seen by Reuters.
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