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Indian MMTC signs iron ore supply contract with Japan and South Korea

Recently, MMTC, the largest public sector trading body in India has signed long-term iron ore supply contract with Japanese steelmakers including Nippon Steel, JFE Steel, Sumitomo Metal Industries, Kobe Steel, Nisshin Steel and South Korean steel giant Posco.

Under the agreement, MMTC will supply 2.3 million tons and 500,000 tons of iron ore per annum respectively from Baildila mines owned by National Mining Development Corporation (NMDC) to the Japanese steelmakers and South Korean Posco, starting from this July.

In fact, MMTC had an iron ore supply agreement with Japanese and South Korean steel mills expired on March 31st, 2011.