India extends MMTC's pact to sell iron ore to Japan, S.Korea by 5 years

MMTC

25/04/2018 09:31

NEW DELHI, April 25 (Reuters) - 
    * The Indian cabinet has approved the extension of
state-owned
company MMTC Ltd's  MMTC.NS  long-term deals with Japanese Steel
Mills (JSMs) and South Korea's POSCO  005490.KS . The trader can
now supply iron ore to both companies for another five years
until March 31, 2023 - statement 
    * MMTC would supply iron ore of grade +64 percent Fe content
    * MMTC to annually supply between 3 million tonnes and 4.30
million tonnes of iron ore to Japanese Steel Mills (JSMs)
    * MMTC to annually supply 0.80-1.20 million tonnes of iron
ore to
Posco
    * The Indian government has mandated MMTC to source iron ore
from
MNDC Ltd  NMDC.NS  and others for supplies to Japan and South
Korea
    * The company gets a trading margin of 2.8 percent of
free-on-board prices for supplies to Korea and JSMs


 (Reporting by Sudarshan Varadhan, Editing by Sherry
Jacob-Phillips)
 ((Sudarshan.Varadhan@thomsonreuters.com; +911149548059;
Twitter: https://twitter.com/turvytopsy @turvytopsy; Reuters
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