Nippon Steel & Sumitomo Metal Corp (NSSMC) has agreed to buy 1.8-2.6 million tpy of iron ore from India's state-owned Metals & Minerals Trading Corp (MMTC) over a period of three years.
"The company will continue its favourable relationship with India in the future, and will strive to realise the stable procurement of iron ore," NSSMC said on Friday December 4.
The agreement followed the renewal of long-term contracts between the Indian government and Japanese and Korean steel mills for the supply of high-grade iron ore earlier this year.
Under the contracts, India will supply 3.8-5.5 million tpy of iron ore over the three years to the two countries. NSSMC's statement noted that the quota for Japan is 3-4.3 million tpy.
Exports of high-grade iron ore from India are only allowed when conducted through an agency such as MMTC.
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